As Payless ShoeSource looks to sell over 2,500 leases across the U.S. and Canada after filing for Chapter 11 bankruptcy protection, Bankruptcy Chair Bruce J. Ruzinsky discussed the competitive retail market.
“With so many competitors, companies with too much debt and companies that are not generating enough revenue are in trouble. It’s a bad combination,” he said.
A partner in the Houston office, Bruce represents financial institutions, corporations, and other business entities in workout/restructure efforts, chapter bankruptcy proceedings, and litigation. For over 30 years, he has represented creditors, creditors’ committees, trustees, debtors, landlords, and asset purchasers in various industries and business environments, including energy, real estate, healthcare, shipping, manufacturing, transportation, retail, entertainment, wholesale produce, and personal services.
For more information about Payless filing for Chapter 11 bankruptcy, read CoStar’s “Payless Hires Firm to Offer Retail Spots in US, Canada, Potentially at a Discount.” To explore Jackson Walker’s bankruptcy and reorganization experience, visit our Bankruptcy, Restructuring, & Recovery practice page.