Here's what we are reading this morning:
Winn-Dixie Rescue Pays Off for Fidelity and AllianceBernstein - Bloomberg: Investment firms that took control of Winn-Dixie’s parent during its 2018 bankruptcy are poised to reap an $87 million payout after sticking with the supermarket operator through a multiyear turnaround and the Covid-19 pandemic.
Struggling Sequential Brands unloads Ellen Tracy, Caribbean Joe for $20M | Retail Dive: The combined proceeds were used to make a payment on the company's revolving loan with Bank of America per the its loan agreement. The buyer of both brands is affiliated with GMA Group, owner of apparel design and manufacturing company Capelli New York.
New York’s Iconic ABC Carpet & Home Faces Takeover by Lenders - Bloomberg: Lenders to ABC Carpet & Home, the more than century-old New York luxury home goods retailer, are mulling a distressed takeover of the company after financial hits from Covid-19 and real estate problems left it unable to pay its bills, according to people familiar with the plans.
Washington Prime Group Announces Second Quarter 2021 Results | Business Wire: Ending occupancy for the core properties was 92.1% as of June 30, 2021, compared to 92.4% a year ago. Inline store sales at the Company’s Tier One properties increased 2.1% to $433 per square foot for the twelve months ended June 30, 2021, compared to $424 per square foot for the same period in 2019
Washington Prime Group Earnings Release - Supplemental Information:
Critical Vendor Order Insufficient to Protect Critical Vendors Against Preference Claims | Fox Rothschild LLP: The Court concluded that “the fact that a creditor was named in a court order as a ‘critical’ or otherwise important customer of a debtor is not in and of itself enough to bar a preference claim; something more is required.”
Current Reports (Form 8-K) Filed With the Securities & Exchange Commission (SEC) Regarding Bankruptcy or Receivership (Item 1.03) for the Week Ended Monday Aug 9, 2021: