NPC International has been dealing with “a perfect storm of problems” including coronavirus-related shutdowns, a massive debt load and rising costs.
The company is also terminating about 3,500 employees who were furloughed in March.
The company said it will eliminate $7 billion in debt though the restructuring.
“While our core business remains strong, with attractive profitability and cash flow characteristics, our debt levels are too high."
With its Chapter 11 filing, Templar is “joining a growing list of distressed operators amid the sharpest oil market downturn in recent memory.”
The discounter's in-store sales only business model left it unable to weather the fallout from the coronavirus pandemic.
The iconic retailer says the progress it had been making after years of declining sales "was wiped out with the onset of COVID-19."
The luxury retailer "had been struggling with competition from online rivals and dwindling cash" before the coronavirus forced it to close its stores.
“We are anticipating deep, severe recession events in western Europe and the U.S. in the second quarter."
Understanding the role of the chief restructuring officer has never been more important. Here’s what a CRO can and cannot do.
The 131-year-old company cited the “extremely challenging” retail environment in announcing it would pursue a Chapter 11 liquidation of all its 134 stores.
Investors eager to see returns from Ford's $11 billion global restructuring plan were disappointed by its Q4 and full-year results.
