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"The bankruptcy law changes went into effect at the end of our restructuring.
It likely couldn't be done under the law today." Etlin is also the current chief restructuring officer at women's apparel retailer BCBG Max Azria as it works to restructure after filing for bankruptcy on Feb. "When the law changed, it immediately had a very severe effect on the ability of retailers to reorganize" explains Lawrence Gottlieb, a bankruptcy attorney and retail sector expert at New York law firm Cooley.
Now, those debts are reaching the end of their runways, meaning it's time for retailers to pay their creditors.
The problem is, the debt loads are bigger than many can handle, and there's no time left to make up the cash needed. thanks to private equity Half of the retailers filing for Chapter 11 this year are owned at least in part by private equity, and the pattern is expected to continue.
Retail restructuring experts say what the changes ultimately boil down to is a lack of time to turn around a struggling business once a Chapter 11 bankruptcy filing is made.
The law now allows a maximum of 210 days for retailers to inform landlords if they are going to renew leases or close doors.
Decades ago, it was among the most popular of leveraged-buyout plays.More online shopping Yes, more shopping is shifting online in general, and to Amazon specifically, as in-store shopping traffic and sales trends fall for many retailers and shopping centers.