Play Time's Over—Three Firms Take Roles on Gymboree Bankruptcy
Kirkland & Ellis added another key bankruptcy case to its restructuring portfolio this week as San Francisco-based children's clothing retailer The Gymboree Corp. filed for Chapter 11 protection Sunday in Richmond, Virginia. Gymboree, the latest retailer to go bust this year, has also retained Munger, Tolles & Olson and Kutak Rock.
June 12, 2017 at 06:40 PM
3 minute read
Kirkland & Ellis added another key bankruptcy case to its restructuring portfolio this week as San Francisco-based children's clothing retailer The Gymboree Corp. filed for Chapter 11 protection Sunday in Richmond, Virginia.
Gymboree, which is owned by Boston-based buyout firm Bain Capital LP, is the latest retailer to go bust this year. Kirkland restructuring partners James Sprayregen, Anup Sathy and Steven Serajeddini in Chicago and partner Joshua Sussberg in New York are advising Gymboree, which lists almost $755.5 million in assets against $1.36 billion in liabilities in its Chapter 11 petition.
Sussberg, a lymphoma survivor, is also working with Sprayregen on the bankruptcy earlier this year of New York-based women's fashion house BCBG Max Azria Group LLC. The American Lawyer reported earlier this month on Kirkland's role advising teen fashion retailer Rue21 Inc. on its Chapter 11 filing, as well as its work for troubled shoe retailer Payless ShoeSource Inc.
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