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Business Wire
04-06-2025
- Business
- Business Wire
Top Restructuring Lawyers Kyle Ortiz and Brian Shaughnessy Join Herbert Smith Freehills Kramer in New York
NEW YORK--(BUSINESS WIRE)-- Herbert Smith Freehills Kramer announced today that leading restructuring attorneys Kyle J. Ortiz and Brian F. Shaughnessy have joined the firm as partners in its Bankruptcy and Restructuring Group. Ortiz and Shaughnessy advise debtors, creditors, and other parties in interest in complex restructurings both in and out of court. On June 1, 2025, Kramer Levin officially combined with Herbert Smith Freehills to become Herbert Smith Freehills Kramer, known as HSF Kramer. Ortiz has represented debtors and creditors in some of the largest and most complex chapter 11 cases of the past fifteen years including Eletson Holdings, LATAM Airlines, Greensill Capital, Pacific Drilling, Westinghouse, SunEdison, American Airlines, and Lehman Brothers. He has also represented investors and other creditors in complex restructuring matters, including cross-border restructurings. An experienced trial lawyer, Shaughnessy has nearly two decades of experience in complex business disputes involving bankruptcy, securities and contract issues, as well as regulatory and corporate governance matters, among others. 'We are delighted to welcome Brian and Kyle as the first new hires of HSF Kramer,' said Justin D'Agostino, Global CEO of Herbert Smith Freehills Kramer. 'Kyle is a widely-respected and dynamic adviser. Their addition enhances the pre-eminence and depth of our restructuring team and fits squarely into our strategic plan.' 'Kyle and Brian's deep experience in high-stakes restructurings and distressed situations will be instrumental in helping clients navigate an uncertain economic landscape,' said Amy Caton and Ken Eckstein, HSF Kramer's Heads of Bankruptcy and Restructuring, US. 'Their insight, creativity, and commercial acumen are a perfect fit for our solutions-driven group.' Paul Schoeman, executive partner of the U.S. region for Herbert Smith Freehills Kramer, said: 'I'm thrilled that Kyle and Brian are joining our premier bankruptcy and restructuring practice. Their arrival underscores the commitment that we at HSF Kramer have to building on our strengths and attracting top-level talent in key markets.' Ortiz added, 'I have consistently enjoyed working with and across from Kramer Levin's world-class restructuring team. I'm incredibly excited to join this team and to take advantage of the global reach and industry expertise that the HSF Kramer platform now has to offer.' Ortiz received his J.D. from The University of Chicago Law School and his B.A. from Northern Michigan University. Shaughnessy earned his J.D. from Georgetown University Law Center and his B.A., cum laude, from Harvard College. About Herbert Smith Freehills Kramer Herbert Smith Freehills Kramer (HSF Kramer) was formed in June 2025 through the transformational combination of Herbert Smith Freehills and Kramer Levin, creating a world-leading global law firm. With over 6,000 people including c.2,700 lawyers and spanning 26 offices, HSF Kramer provides comprehensive legal services across every major region of the world. Uniquely positioned to help clients achieve ambitious objectives, HSF Kramer delivers exceptional results in complex transactions and high-stakes disputes.
Business Insider
15-05-2025
- Business
- Business Insider
David's Bridal is opening a new, higher-end boutique to appeal to Gen Z brides
David's Bridal is launching curated boutiques for Gen Z brides seeking affordable luxury. The first Diamonds & Pearls location opens Thursday in Delray Beach, Florida. The store is more intimate and elevated compared to a typical David's Bridal, the CEO told BI. David's Bridal, the largest bridal retailer in the US, is opening a new higher-end boutique catered to Gen Z brides looking for a more luxurious, personalized, and curated experience. The first Diamonds & Pearls store is set to open on Thursday in Delray Beach, Florida, with another location planned to open later this year. The store is smaller, more curated, and more upscale than the average David's Bridal store, which are typically sprawling, budget-friendly stores. "It's definitely affordable luxury," Kelly Cook, the CEO of David's Bridal, told Business Insider of the new boutique. "The environment itself is much more refined and elevated. We have champagne, we have hors d'oeuvres, we've got free bags that come with your gowns." Cook, who took over as CEO in April, said the mission of David's Bridal is to become "the largest AI, retail, media, and planning marketplace for brides." As part of that mission, the company, which in 2023 filed for chapter 11 bankruptcy for the second time, is focused on serving all brides, including higher-end ones. That's where Diamonds & Pearls come in. The gown selection is more curated, with about one-third the number of products as a traditional David's Bridal store. The selling space is also smaller at about 2,000 square feet instead of the 5,500 square feet you'd find at a larger David's Bridal. It's also the only David's Bridal location where brides can try on couture options from brands like Marchesa and Viola Chan. Though the dresses lean more upscale, Cook said there would still be more affordable options, ranging from $500 to $5,000. According to the wedding website The Knot, the average cost of a wedding dress in 2025 is around $2,000. The Knot also found that the average cost of a wedding was $33,000. Overall, the vibe of the store is more similar to an independent bridal boutique than a typical David's Bridal, according to Cook. There's velvet furniture, marble accents, and curtains separating the dressing areas and the back of house. The store wants to cater to Gen Z's love of luxury as the generation continues to make up a greater share of America's brides, with its oldest members now 28. Gen Z consumers are expected to account for 25% to 30% of luxury market purchases by 2030, according to Bain & Company. While many independent boutiques sell made-to-order dresses that can take nine to 12 months to receive, Diamonds & Pearls can deliver dresses in a week if needed due to David's Brial's own manufacturing, Cook said. They will also have dresses that brides can take home the same day. "You're getting the intimacy of the boutique, but the global scale of David's," she said. The stores also incorporate large, interactive digital screens that brides can use to browse David's Bridal's full selection or ask for suggestions from the company's AI-powered wedding planning tool, Pearl, which can make recommendations based on Pinterest boards. Cook said that when they tested the store with brides who had previously shopped at David's Bridal, the customers said the shop felt more intimate and like they could get a more personalized experience due to its smaller size. While only two Diamonds & Pearls are planned for now, Cook said the company has identified up to 100 potential markets for future stores.
Miami Herald
12-04-2025
- Business
- Miami Herald
Beloved mall retailer will shutter even more locations this year
Twenty years ago, if you needed to buy clothing, shoes, or household decor, it's highly likely that you got into your car and drove to your local shopping mall. The mall has been a staple of American life since the '80s, and one where many teenagers under 18 went to meet their friends and spend a fun afternoon or evening. Don't miss the move: Subscribe to TheStreet's free daily newsletter In the last decade or so, however, shopping malls seemed to be at first suffering, then moving toward the brink of extinction as consumers shifted their habits. Amazon's Prime shipping became so fast (often same-day for millions of items) that the same consumers who once drove to the mall to make their purchases realized they could save time by simply placing an online order. Related: Another popular mall retailer closing stores nationwide for good While the news has been full of gloom about the future of shopping malls, however, data on customer behavior tells a different story. Foot traffic in shopping malls was up by 12% in 2022 compared to 2019, according to a report published in June 2023 by Coresight Research. Traffic in average- to lower-income areas was also up by 10%. Malls in higher-income areas - meaning that the average shopper earns more than $200,000 a year - were more than 95% leased in 2022, which suggests a simple takeaway. High earners may still prefer to shop in person, especially for higher-ticket items like handbags and clothing. All of this said, some shopping mall staples are still struggling, and one of the best-known names has unfortunately just announced that more store closures are on the way. JCPenney, which has been in business for 123 years as of 2025, has announced plans to shutter eight more locations this year. Most of the closures are in malls. The locations include the Asheville Mall in Asheville, North Carolina; the Fox Run Mall in Newington, New Hampshire; the West Ridge Mall in Topeka, Kansas; the Westfield Annapolis Mall in Annapolis, Maryland; and the Pine Ridge Mall in Pocatello, Idaho. Related: Bankrupt retail chain's CEO pay package threatens its future Store closures not in shopping malls include the Shops at Northfield in Denver, Colorado; the Charleston Town Center in Charleston, West Virginia; and the Shops at Tanforan in San Bruno, California. JCPenney filed for chapter 11 bankruptcy in May of 2020, citing the Covid pandemic as a key reason for the move. At the time, the company was carrying $4 billion in debt. Things looked dire, but in December of 2020, JCPenney got a major save. Simon Property Group and Brookfield Asset Management acquired the company for $1.75 billion, giving it a chance to restructure its debt and potentially make a comeback. Another positive came in 2025 in the form of a merger. JCPenney announced in January that it would combine forces with Sparc Group to form a new company called Catalyst Brands. Other names under the same umbrella include Lucky Brand, Eddie Bauer, Aeropostale, and Nautica. The new company will be led by JCPenney CEO Marc Rosen out of its offices in Plano, Texas. "Catalyst Brands brings together the rich heritage of six unique brands with modern energy and a new vision for success. The word 'catalyst' reflects our drive to accelerate innovation and energy and amplify the impact of this powerhouse portfolio. Together, we bring scale, expertise and broad appeal to customers across America," Rosen said in a statement. So while JCPenney is still closing some locations this year, it doesn't necessarily spell disaster for the brand just yet. In fact, it's busy trying clever tactics to drum up new business. Its 2024 campaign "Really Big Deal Reveals," which aired during Amazon Prime Video's "Thursday Night Football" programming, offered exclusive deals for viewers promoted by celebrity names such as Martha Stewart and Shaquille O'Neal. Related: Macy's Borrows From Amazon's Playbook In Bid to Boost Online Sales The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
31-03-2025
- Business
- Yahoo
Hooters of America Takes Strategic Action to Continue its Iconic Legacy Under Pure Franchise Business Model
Enters into Restructuring Support Agreement to effectuate sale transaction to highly experienced franchisees Restaurants remain open, welcoming customers to enjoy its guest-obsessed hospitality and world-famous wings ATLANTA, March 31, 2025--(BUSINESS WIRE)--Hooters of America, LLC and certain of its affiliates (collectively "Hooters" or the "Company"), the original wing joint and a globally recognized iconic brand, today announced that it has entered into a Restructuring Support Agreement (the "RSA") with near unanimous support from its key stakeholders to effectuate a sale transaction that will facilitate the continued operation of the business under new ownership. Specifically, the Company has reached an agreement in principle with a highly experienced group of current franchisees (the "Buyer Group") to acquire and operate certain Company-owned Hooters locations. The Buyer Group is comprised of two existing Hooters franchisees (including Hooters Inc., the original Hooters founders), who collectively currently own and operate over 30% of the domestic franchised Hooters locations, including 14 of the 30 highest volume restaurants. In conjunction with the proposed sale of the Company-owned locations, and with the widespread support of key stakeholders in its capital structure (who will exchange certain of their debt for equity in the Company), the Company filed voluntary petitions for chapter 11 cases in the United States Bankruptcy Court for the Northern District of Texas (the "Court"). The Company expects to move through this process swiftly, with the goal of emerging from chapter 11 in approximately 90-120 days. "Our renowned Hooters restaurants are here to stay. Today's announcement marks an important milestone in our efforts to reinforce Hooters' financial foundation and continue delivering the guest-obsessed hospitality experience and delicious food our customers and communities have come to expect," said Sal Melilli, Chief Executive Officer of Hooters of America. "I've seen firsthand the incredible value and opportunities our brand brings to life, and I look forward to continuing that momentum well into the future. I'm incredibly grateful to our valued customers, partners, and employees for their continued support." Importantly, Hooters restaurants remain open to serve customers and will continue to operate in a business-as-usual manner during its chapter 11 cases. As part of the Company's broader business transformation and planning, Hooters is evaluating the Company's operational footprint as part of its financial restructuring process to position itself to invest its resources in its strongest assets moving forward. The Company's current franchise operations, including its locations outside the U.S., are not impacted by the chapter 11 process and will continue to be operated by the Company's franchise and license partners. "With over 30 years of hands-on experience across the Hooters ecosystem, we have a profound understanding of our customers and what it takes to not only meet, but consistently exceed their expectations," said Neil Kiefer, CEO of Hooters Inc., on behalf of the Buyer Group. "As we look toward the future, we are committed to restoring the Hooters brand back to its roots and simplifying HOA's operations by adopting a pure franchise model that will maximize the potential for sustainable, long-term growth. The foundation we've laid ensures the continued success of our brand – one that is driven by a relentless focus on delivering an exceptional experience each and every visit for our customers." Hooters is seeking relief through a number of customary "first day" motions with the Court to facilitate a smooth transition into chapter 11 and operate in the ordinary course, including through honoring commitments to employees, customers, licensee partners, and vendors. To fund Hooters' operations without disruption during the chapter 11 cases, the Company is seeking approval of $40 million of debtor-in-possession ("DIP") financing from certain of its existing lenders, including $35 million of new capital. Upon Court approval, Hooters anticipates the DIP financing will provide ample liquidity to support operations during the chapter 11 process. Upon completion of the chapter 11 process, all Hooters locations will be franchisee-owned. Hooters has launched a dedicated website for stakeholders to get information about the chapter 11 cases at Additional information regarding the chapter 11 process is available at Stakeholders with questions can contact the Company's claims agent, Kroll, by calling (888) 575-4910 (U.S. / Canada) or (646) 844-3894 (International) or emailing HootersInfo@ AdvisorsRopes & Gray LLP is serving as legal counsel, SOLIC Capital Advisors is serving as investment banker to the Company, Accordion Partners is serving as financial and restructuring advisor, and C Street Advisory Group is serving as strategic communications advisor. The Buyer Group is represented by North Point Mergers & Acquisitions and Morrison and Foerster is serving as their legal counsel. Sidley Austin LLP is serving as legal counsel and Houlihan Lokey is serving as investment banker to the prepetition term loan and DIP lenders. White & Case LLP is serving as legal counsel and M3 Partners, LP is serving as financial advisor to the Ad Hoc Group of Securitization Noteholders. About Hooters of America, LLCHooters of America, LLC, is the franchisor and operator of Hooters and Hoots Wings by Hooters. Known for its world-famous Hooters Style chicken wings, the first Hooters opened its doors in 1983 in Clearwater, Florida. Expectations were so modest at the time that the simple fact the doors opened was deemed worthy of a toast. Since then, millions have been liberated from the ordinary at Hooters while enjoying great food, fun and one-of-a-kind hospitality that can only be served up by the Hooters Girls. For more information about Hooters visit or follow us at or on Snapchat at "hooters." About Hooters Inc., founders of the Hooters concept, own and operate 22 Hooters Restaurants in Tampa Bay and Chicagoland and two Hoots locations in Chicagoland. For over 40 years, the Original Hooters group has been known for its World Famous Chicken Wings, fun atmosphere, and legendary service from the iconic Hooters Girls. For more information about Hooters Inc. please visit or follow them on Twitter @originalhooters, Instagram @originalhooters and Facebook View source version on Contacts C Street Advisory GroupHooters@
Yahoo
20-02-2025
- Business
- Yahoo
Spirit Airlines Receives Court Confirmation of Reorganization Plan
Broad Support from Supermajority of Spirit's Loyalty and Convertible Bondholders Expects to Emerge from Restructuring in the Coming Weeks Positioned for Success DANIA BEACH, Fla., Feb. 20, 2025 /PRNewswire/ -- Spirit Airlines, Inc. ("Spirit" or the "Company") today announced the Company's Plan of Reorganization ("the Plan") was confirmed by the United States Bankruptcy Court for the Southern District of New York (the "Court"). With this approval in place, the Company expects to emerge from chapter 11 in the coming weeks. "Today's approval is a major milestone as we progress toward the successful conclusion of our in-court process," said Ted Christie, Spirit's President and Chief Executive Officer. "We will emerge as a stronger airline with the financial flexibility to continue providing Guests with enhanced travel experiences and greater value. Throughout this process, we've had virtually unanimous support from our bondholders, who recognize Spirit's value and potential. As we move forward, our leadership team remains focused on reducing costs while also advancing our strategic initiatives to transform our Guest experience and position Spirit for success." Mr. Christie continued, "I'm especially grateful for the dedication and unwavering commitment of our entire Spirit Family, who continue their outstanding work to serve our Guests and drive our business forward." Under the approved Plan, Spirit will equitize $795 million of funded debt, receive $350 million of new equity investment and issue $840 million aggregate principal amount of new senior secured debt to existing bondholders upon emergence. In addition, Spirit will enter into a new revolving credit facility of up to $300 million. Spirit vendors, aircraft lessors and holders of secured aircraft indebtedness will not be impaired. Spirit continues to operate its business in the normal course. Guests can continue to book and fly without interruption. Additional Information Additional information about the Company's chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at or by calling Spirit's restructuring information line at (888) 863-4889 (U.S. toll free) or +1 (971) 447-0326 (international). Additional information is also available at Advisors Davis Polk & Wardwell LLP is serving as the Company's restructuring counsel, Alvarez & Marsal is serving as restructuring advisor, and Perella Weinberg Partners LP is acting as investment banker. Akin Gump Strauss Hauer & Feld LLP is acting as legal counsel and Evercore is acting as financial advisor to the ad hoc group of loyalty noteholders. Paul Hastings LLP is acting as legal counsel and Ducera Partners LLC is acting as financial advisor to the convertible bondholders. About Spirit Airlines Spirit Airlines is a leading low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet®, one of the youngest and most fuel-efficient fleets in the U.S. Spirit is committed to inspiring positive change in the communities it serves through the Spirit Charitable Foundation. Discover elevated travel options with exceptional value at Investor Inquiries:Spirit Investor Relationsinvestorrelations@ Media Inquiries:Spirit Media RelationsMedia_Relations@ FGS GlobalSpirit@ Cautionary Statement Regarding Forward Looking Statements This press release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") which are subject to the "safe harbor" created by those sections. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management. All statements other than statements of historical facts are "forward-looking statements" for purposes of these provisions. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "project," "predict," "potential," and similar expressions intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding Spirit's expectations with respect to operating in the normal course, the Chapter 11 process and emergence therefrom. Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such forward-looking statements. Factors include, among others, risks attendant to the bankruptcy process, including the effects of Chapter 11, including increased legal and other professional costs necessary to execute the Company's restructuring process, on the Company's liquidity (including the availability of operating capital during the pendency of Chapter 11); the effects of Chapter 11 on the interests of various constituents and financial stakeholders; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of Chapter 11; Court rulings in the Chapter 11 case and the outcome of Chapter 11 in general; the Company's ability to comply with the restrictions imposed by the terms and conditions of the DIP and other financing arrangements; employee attrition and the Company's ability to retain senior management and other key personnel due to the distractions and uncertainties; risks associated with the impact of litigation and regulatory proceedings; and other factors discussed in the Company's Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the SEC and other factors, as described in the Company's filings with the Securities and Exchange Commission, including the detailed factors discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as supplemented in the Company's Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. Furthermore, such forward-looking statements speak only as of the date of this release. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements. Risks or uncertainties (i) that are not currently known to us, (ii) that we currently deem to be immaterial, or (iii) that could apply to any company, could also materially adversely affect our business, financial condition, or future results. Additional information concerning certain factors is contained in the Company's Securities and Exchange Commission filings, including but not limited to the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. View original content to download multimedia: SOURCE Spirit Airlines, Inc. Sign in to access your portfolio
