Joele Frank Wilkinson Brimmer Katcher handles today's Chapter 11 filing of Toys "R" Us, which seeks a court-supervised reorganization due in part from debt pressures related to the 2005 $6.6B buyout by Vornado Realty Trust and Bain Capital and KKR & Co.
Wal-Mart, Target and Amazon.com also put competitive heat on the once-dominant toy retailer, operator of 1,600 stores worldwide,
 |
CEO Dave Brandon offered a positive spin on Chapter 11, saying it "marks the dawn of a new era at Toys“R”Us where we expect that the financial constraints that have held us back will be addressed in a lasting and effective way."
He assured customers that it would be business-as-usual during the financial restructuring
"As the holiday season ramps up, our physical and web stores are open for business, and our team members around the world look forward to continuing to put huge smiles on children’s faces," said Brandon.
JFWBK's Michael Freitag and Meaghan Repko represent Wayne, NJ-based Toys, which employs 65K people.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
