Retail Restructuring

Arnall Golden Gregory’s Retail Restructuring Team represents clients across the United States. The Team’s national practice combines the expertise of our Bankruptcy, Retail, and Commercial and Real Estate Lending Practices to provide an integrated solution to a wide range of issues facing distressed retailers, owners and managers of distressed retail and mixed use projects, and banks, insurance companies, servicers and other financial institutions that have extended credit to such retailers or developers, as well as to entities desiring to make an investment or acquisition in the distressed bricks and mortar or e-commerce retail space. Team members collaborate on strategies and share industry knowledge in order to provide efficient legal representation and relevant advice taking into account all aspects of the client’s business as well as issues that may be presented by the particular distressed situation. The Team has as its goal to provide excellent, effective and economical service to its clients and their in-house counsel, partnering with and serving as a specialized extension of the client’s internal business and legal team on these difficult issues.

For those entities in distress, the Team is well equipped to assist with developing a plan to reduce the cost of running the business, to restructure leases, to engage in negotiations with key creditors and stakeholders in an effort to reach an appropriate resolution that is a win-win for all parties, to litigate where that is necessary and, ultimately, to walk the company through the Chapter 11 process if that is appropriate. The Team assists entities where the whole business is in distress, as well as entities that have substantial shareholder value and otherwise profitable non-bricks and mortar operations but that are looking to enhance value by dealing with their underperforming bricks and mortar component that needs restructuring.

For those who have extended credit to, or are otherwise dealing with, such distressed retail entities, the Team has extensive experience with workouts, receiverships, foreclosures, in court and out-of-court liquidations, loan enforcement and other borrower litigation and all aspects of litigation associated with loans secured by retail projects. The Team not only has the ability to address all of these restructuring and litigation issues, but also has the ability also to handle any other facet of the retail issues that arise in connection with taking back properties. AGG has a deep familiarity with all aspects of the retail industry, including real estate purchase and sale transactions, development, leasing, franchising, dispute resolution and litigation, corporate matters, intellectual property, employment issues, and other legal needs of retail professionals. Indeed, AGG’s Retail practice is one of the largest and most highly respected groups of retail real estate attorneys in the United States. AGG has an industry-wide reputation for providing practical and thoughtful retail real estate advice to clients.

The Team also is skilled in assisting entities desiring to make an investment or acquisition of distressed property associated with any aspect of retail. This may come in the context of an out-of-court acquisition, an acquisition through a sale of assets by a Receiver, or an acquisition through a sale of assets under section 363 of the Bankruptcy Code. Such an acquisition may involve not only state, federal or foreign receivership expertise and bankruptcy expertise, corporate, intellectual property, and other expertise of the Team’s attorneys.

Ultimately, the four hallmarks of the Team’s service as outside counsel are: (1) a thorough knowledge of the client’s business and issues facing the client; (2) regular, open communication; (3) cost-effective representation; and (4) excellent work product and results. The Team’s diligent adherence to these four principles has been key to the effectiveness of its ongoing representation of clients, and to the consistently successful case outcomes that the Team has obtained for those clients. As expressed by the Chief Bankruptcy Counsel at one top client:


“[The lead partner] has a fantastic team at all levels…. I value smart, practical advice from outside counsel the most…. AGG is very good at being efficient, effective collaborators with the in-house team. They are very cost effective—extremely cost effective because I get very sophisticated advice but the price points are extremely competitive and the quality of the work doesn’t suffer as a consequence of that efficiency. That distinguishes them from other law firms.”