Media Teleconference to Feature Experts Re-examining Distress in U.S. Retail Sector

Date:

Tuesday, March 10, 2009

Issue:

The continuing trends of consumers cutting back on spending and credit markets tightening are intensifying the financial distress for many retailers. Eight retailers have already filed for bankruptcy this year following the 27 retailers that filed in 2008, the most since 32 retailers filed in 2001, according to BankruptcyData.com. A panel of experts specializing in retail company bankruptcies has reassembled to discuss the continued problems in this sector, as well as the financial future of the retail industry.

Audio:

Click Here to play:

Speakers:

Laura Davis Jones is the managing partner of the Delaware office of Pachulski Stang Ziehl & Jones (Wilmington, Del.).

Scott Avila is a managing partner with Corporate Revitalization Partners, LLC (Los Angeles).

Howard Brod Brownstein is a principal of NachmanHaysBrownstein, Inc. (Philadelphia).

Moderator:

Prof. Jack Williams of Georgia State University is ABI’s Resident Scholar and a director BDO Seidman LLP.

Background:

As costs for basic necessities such as gas and food continue to increase, consumers are cutting back on discretionary spending. The U.S. Census Bureau reported that January retail sales were down 11 percent in 2009 from the previous year. Since the downturn of the home mortgage industry at the end of 2006, credit markets have constricted, and the financial liquidity once available to distressed companies has evaporated. Both of these trends led to 27 retailers, including Circuit City, Linens 'n Things, Inc., Sharper Image Corp. and Steve & Barry's LLC, to file for bankruptcy in 2008, the most since 32 retailers filed in 2001. Eight retailers have already filed for bankruptcy this year.

The teleconference reassembles a panel of top experts who gathered in September 2008 to discuss the distress in the U.S. retail sector. Each panelist has worked with financially distressed retailers and will be discussing the current situation of the retail sector, as well as their views on future trends and prospects for improvement in the sector.

For questions about the Retail Sector Distress Webinar, please contact John Hartgen at [email protected] or 703-739-0800 x115.

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 11,700 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals providing a forum for the exchange of ideas and information. For additional information on ABI, visit ABI World at http://www.abiworld.org. For additional conference information, visit http://www.abiworld.org/events/newevents.html.