DLA Piper takes lead role as Poundworld enters administration with more than 5,000 jobs at risk
Restructuring and insolvency team from DLA's Leeds office acting for discount retailer
June 11, 2018 at 06:33 AM
2 minute read
DLA Piper is acting for Poundworld as the discount retailer today (11 June) joined the ever-growing list of high street brands to enter administration, putting 5,100 jobs at risk.
Poundworld has confirmed that efforts to find a buyer for the business have failed after it filed a notice of intention to appoint an administrator last Thursday (7 June), giving it temporary protection from its creditors.
The retailer, which has 355 stores across the UK, is owned by private equity firm TPG Capital, which also owns restaurant chain Prezzo. In March, Prezzo announced a company voluntary agreement (CVA) that will see the closure of 94 branches.
A restructuring and insolvency team from DLA's Leeds office is acting for Poundworld, led by corporate restructuring partner Richard Obank. Deloitte has been appointed administrator.
Poundworld chief executive Gerry Grey stepped down in December, citing personal reasons.
Last week, House of Fraser announced plans to close more than half of its 59 stores, with 6,000 jobs under threat. In May, Legal Week revealed that Freshfields was advising the department store chain. Bryan Cave Leighton Paisner (BCLP) is currently advising about a dozen landlords on a potential legal challenge to the proposed CVA deal.
Earlier this month, Carluccio's became the latest in a string of high-profile retail restructurings to hit the high street, with Ashurst, Travers Smith and Addleshaw Goddard taking roles on the proposed deal.
Earlier this year, DLA Piper also acted for UK grocery wholesaler Bestway's pre-pack acquisition of drinks chains Wine Rack and Bargain Booze.
DLA was contacted for comment.
Photo credit: Betty Longbottom
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Cleary vs. White & Case: NYC Showdown Over $5 Billion Brazilian Bankruptcy
Singapore's Drew & Napier Secures $3.5B Award in Civil Suit
Trending Stories
- 1Authenticating Electronic Signatures
- 2'Fulfilled Her Purpose on the Court': Presiding Judge M. Yvette Miller Is 'Ready for a New Challenge'
- 3Litigation Leaders: Greenspoon Marder’s Beth-Ann Krimsky on What Makes Her Team ‘Prepared, Compassionate and Wicked Smart’
- 4A Look Back at High-Profile Hires in Big Law From Federal Government
- 5Grabbing Market Share From Rivals, Law Firms Ramped Up Group Lateral Hires
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
