FROM THE EDITOR
BY NADINE BONNER
Spring is the perfect time for our Turnaround Management Issue.
Spring brings a sense of renewal as trees burst out in blossom and brilliant tulips raise their heads from the moldy beds that have smothered them all winter. For a company in distress, a successful turnaround brings that same sensation of a fresh beginning and a chance to start over.
As the founding designer at BCBG, Max Azria created gowns worn by A-list celebrities like Halle Berry and Alicia Keyes. But by 2016, the brand had lost its luster. On the brink of financial ruin, management engaged AlixPartners to help restore the company’s bottom line and find a buyer. Managing Director Holly Etlin describes how her team revamped the company by replacing the head designer, selling off retail stores and making the entire operation more efficient. After a trip through Chapter 11, the brand is back in business and just opened a new store in the Cayman Islands.
Ian Ratner describes the turnaround process as a creative endeavor. He and his partner Ron Glass enjoyed restructuring companies for fun and profit before selling their company, GlassRatner, to B. Riley. P.S. — Despite the sale, they are still at it. Ratner shares his stories with Senior Editor Amanda Koprowski.
Turning around non-profits and public sector companies requires a different skillset. Alvarez & Marsal’s Mark Howard explains the tactics needed when trying to assist companies with values different from those in the for-profit world.
The Turnaround Management Association offers many avenues for professionals to sharpen their skills and network with others in the field. TMA Global President Jeffrey C. Hampton shares his thoughts on the importance of the association and describes the benefits of membership.
Once again, the Philadelphia Credit and Restructuring Summit provided an afternoon of fun, education and networking for lenders, attorneys and turnaround pros. Amanda Koprowski provides a wrap up.
In our regular columns, Edward King reveals how PO finance has moved with the times in Specialty Lending. In Turnaround Corner, Glenn Sniezek advises lenders about the best methods to evaluate whether a retailer is headed for success or Chapter 11. In Legal Lines, Lon Singer points out that lenders are not like other clients, and attorneys should be aware of the differences to create productive relationships.
Our next issue will focus on the ABL Industry and Technology. You won’t want to miss it.