SB360 In The News

By Kelly Tyko, as published in USA Today, September 21, 2021

More Sears and Kmart stores will close in the coming months.

Two years after Transformco acquired the struggling retailers out of bankruptcy in February 2019, seven Sears and two Kmart stores are liquidating with most closing by mid-November.

SB360 Capital Partners is managing the store closing sales, according to the liquidation firm’s website.

NEW YORK, August 27, 2021 – After an unprecedented year of dealmaking during a global pandemic and period of challenge and financial uncertainty, The M&A Advisor announced recipients of the 15th Annual Turnaround Awards, recognizing those that reached the pinnacle of the distressed investing, bankruptcy, and restructuring industry over the past year. SB360 Capital Partners and Second Avenue Capital Partners received an award for the Old Time Pottery transaction.

MEDFORD, Ore., July 12, 2021 /PRNewswire/ — David Barmish, Senior Financial Analyst for SB360, received a Certificate of Distinguished Performance at the 2020 CIRA Program Awards. The Certified Insolvency and Restructuring Advisor (CIRA) program recognizes those individuals who possess a high degree of knowledge and proficiency across a spectrum of functions related to serving clients in situations involving distressed and/or insolvent entities.

NEW YORK, New York – June 29, 2021 – Second Avenue Capital Partners, LLC (“SACP”) closed on a $10,000,000 senior secured credit facility to the leading maternity apparel sister brands Motherhood Maternity and A Pea in the Pod within the Marquee Brands portfolio. The credit facility will be used for general working capital purposes and will provide the company with additional liquidity for future expansion.

Penned by SACP’s Michael Sullivan and Mark Gallivan for the Journal of Corporate Renewal

The retail industry has endured several challenges since the start of the global pandemic. While several big-name retailers have filed for bankruptcy, others once again evolved their businesses to survive and flourish.

BOSTON, Massachusetts – May 06, 2021 – Second Avenue Capital Partners, LLC (“SACP”) announced it has closed on a $30,000,000 senior secured term loan to UNTUCKit, one of the fastest-growing retail apparel brands in North America. The term loan will be used to restructure existing debt and provide the Company with the financial latitude to continue their pre-pandemic growth trajectory.

BOSTON, Massachusetts – April 6, 2021 – Second Avenue Capital Partners, LLC (“SACP”) announced it has closed on a US$10,000,000 senior secured credit facility to Northern Reflections Limited, one of Canada’s largest privately-held apparel retailers of women’s apparel.

BOSTON, Massachusetts – March 18, 2021 – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a senior secured credit facility to Cos Bar, a leading luxury specialty cosmetics retailer. The credit facility will be used to support new growth opportunities and provide additional working capital.

BOSTON, Massachusetts – March 4, 2021 – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) has provided $6.5 million in debtor-in-possession (“DIP”) financing to Solstice Sunglasses, the second-largest sunglass retailer in the United States. The DIP facility delivers supportive capital to Solstice as the retailer commences a restructuring.

By David Moin, as published in WWD February 16, 2021

There’s a rapidly evolving agenda at Francesca’s, now fresh out of bankruptcy with new owners.

To widen the customer base, a tween collection, called franki by francesca’s , rolled out to 100 Francesca’s stores the first week of February after debuting on francescas.com last December.

Scott Bernstein, Stephen Miller, and Jay Schottenstein Proudly Announce the Recipients for 2020

As we embark upon a new year, it is once again time to award the David M. Bernstein Leadership and Merchant Award for outstanding contributions to the success of SB360 during 2020.

HOUSTON, Texas – February 1, 2021 – Francesca’s Holdings Corporation (the “Company”) and Francesca’s Acquisition LLC, an affiliate of TerraMar Capital LLC (“TerraMar”), today announced, after a fulsome auction and sale process under Section 363 of the United States Bankruptcy Code, that it completed the sale of substantially all of francesca’s® assets…

BOSTON, Massachusetts – January 26, 2021 – SB360 Capital Partners, one of North America’s leading asset realization and advisory firms, announced that Leonard R. Polivy has joined the company as Executive Vice President of Luxury, Diamond and Jewelry. Leonard brings over 30 years of hands-on experience in the diamond and jewelry industry…

BOSTON, Massachusetts – December 12, 2020 – SB360 Capital Partners is proud to support charitable organizations and initiatives that make a positive impact at both a local and national level. This holiday season, SB360 has donated to the Holiday Dreams Foundation to help kids and families through this challenging year. In addition to a cash donation, SB360 donated sporting goods, apparel, and other Wishlist items.

NEW YORK, December 4, 2020 – In the spirit of hope and celebration during a period of economic uncertainty, The M&A Advisor is pleased to announce winners of the 11th Annual Emerging Leaders Awards. Renowned globally for its recognition of leading M&A, financing, and turnaround professionals, The M&A Advisor created this awards program to honor the emerging leaders of our industry…

BOSTON, Massachusetts – November 13, 2020 – SB360 Capital Partners, one of the country’s leading asset disposition specialists, announced the start of “Total Inventory Blowout” sales in 85 Justice stores as well as the e-commerce site at www.shopjustice.com. SB360 will be the exclusive consultant to assist Justice as they conduct these sales.

BOSTON, Massachusetts – November 5, 2020 – SB360 Capital Partners, a leading asset disposition specialist, has been engaged by Pet Valu, Inc., a specialty retailer of premium pet food, treats and supplies in the United States, to assist the company with the wind down of its U.S. based stores. Pet Valu, Inc. named SB360 as its exclusive consultant…

WAYNE, Pennsylvania – November 4, 2020 – Pet Valu, Inc. (“Pet Valu U.S.”), a specialty retailer of pet food and supplies in the United States, today announced plans to commence a wind down of its operations due to severe impact from COVID-19. The Company expects that all of its 358 stores and warehouses in the Northeastern and Midwestern U.S., as well as…

BOSTON, Massachusetts – September 24, 2020 – SB360 Capital Partners, one of North America’s leading asset disposition specialists, announced that it commenced store closing sales in an additional 23 Justice stores located in 13 states.

Justice is a destination store for tween girls and the store closing sales in the 23 Justice stores will feature great deals on all products.

LOS ANGELES, September 11, 2020 – B. Riley Financial, Inc.’s (NASDAQ:RILY) (“B. Riley”) Great American Group, SB360 Capital Partners and Tiger Capital Group today announced that store closing sales started August 28th at an additional 17 Sur La Table retail locations across the United States.

CHICAGO, Illinois – August 13, 2020 – On August 12, 2020, Stein Mart filed for Chapter 11 reorganization and authorized going out of business sales by a joint venture comprising Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial’s Great American Group and SB360 Capital Partners. The sale process is underway at all 279 Stein Mart locations across the U.S.

BOSTON, Massachusetts – July 24, 2020 – Ascena Retail Group, Inc. (Nasdaq: ASNA) (“ascena” or the “Company”), a leading national specialty retailer for women’s and girls’ apparel, and SB360 Capital Partners, one of North America’s leading asset disposition specialists, today announced the commencement of store closing sales in all Catherines stores, a significant number of Justice stores, and a select number of Ann Taylor, LOFT, Lane Bryant and Lou & Grey stores.

BOSTON, Massachusetts – July 2, 2020 – SB360 Capital Partners, one of North America’s leading asset disposition specialists, announced the start of “Store Closing” sales today in select Old Time Pottery stores. Old Time Pottery retained SB360 as their exclusive Consultant to conduct the Store Closing sales.

NEW YORK, New York – June 25, 2020 – With retailers resuming in-store operations following the months-long COVID-19 pause, shoppers from across the Northeast and Mid-Atlantic will find liquidation discounts on top-name sporting goods, footwear and apparel brands as Modell’s Sporting Goods resumes going-out-of-business sales at 107 of its remaining stores, beginning immediately.

BOSTON, Massachusetts and NEW YORK – June 10, 2020 – Second Avenue Capital Partners, LLC (“SACP”) and CIT Northbridge Credit (“CIT Northbridge”) announced the closing of a $60,000,000 senior secured credit facility to Stock+Field, a premier farm, home, and outdoor retailer. Stock+Field, formerly known as Big R Stores…

Penned by Aaron Miller and Siegfried Schaffer for the Journal of Corporate Renewal

First came subprime mortgages, the ensuing financial crisis, and the Great Recession. Then predictions came of a retail apocalypse caused by the Amazon effect. Despite years of grim headlines predicting the demise of …

The COVID-19 outbreak has impacted families, communities, and businesses around the globe. Fluid, ever-changing conditions have increased the level of uncertainty. During these trying times, Second Avenue Capital Partners is well-positioned and committed to helping retail and consumer businesses ease their mounting capital and liquidity needs.

Scott Bernstein, Co-President of SB360 writes about “Luring Retail Shoppers Back to Store Closing Sales in the Age of COVID-19”

Liquidation sales are, by design, loud and fast moving events structured to attract as many customers as possible for the purpose of selling as much merchandise as possible in the shortest possible time. Suffice to say that the continued practice of social distancing will likely not be compatible with a successful store closing sale.

By Kellie Ell and Jean E. Palmieri, as published in WWD May 7, 2020

American Eagle Outfitters is reopening for business in select locations — although for now, things will look a little different.

“People do want to go out, but they want to do it in a way where they feel safe,” Jay Schottenstein, executive chairman of the board and chief executive officer of American Eagle Outfitters Inc., told WWD.

BOSTON, Massachusetts – April 21, 2020 – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced it has closed on a $17,000,000 senior secured credit facility to Crown & Caliber, an online marketplace leader in authenticated pre-owned luxury watches. The credit facility will be used to support growth opportunities and provide additional working capital.

BOSTON, Massachusetts – April 10, 2020 – As new cases of the coronavirus are reported each day, the need for personal protective equipment for medical personnel and first responders is becoming increasingly critical. As a response to the crisis, SB360 has donated 22,000 FDA-approved KN95 respirator masks to Beth Israel Lahey Health.

BOSTON, Massachusetts – February 25, 2020 – SB360 Capital Partners, one of North America’s leading asset realization and advisory firms, is pleased to announce two new additions to our team of professionals in the Boston corporate office. Adam Milton joins SB360 as a Senior Financial Analyst, and Tiffany Arredondo joins SB360 as Assistant Vice President of Corporate Development.

Each year we will recognize an SB360 team member who has shown exemplary talent and accomplishment in the operation of a liquidation project. We are pleased to announce that we have chosen to award the first ever David M. Bernstein Leadership and Merchant Award to two recipients, Sally Bushart, and Cooper Stockell.

WESTBROOK, Maine – October 31, 2019 – Olympia Sports, the prominent Maine based athletic footwear and apparel chain, has selected SB360 Capital Partners LLC (www.sb360.com), as their exclusive agent to conduct “Store Closing” sales in 76 stores. Olympia, which was recently acquired by sports retailer JackRabbit, will continue to operate…

BOSTON, Massachusetts – October 29, 2019 – Second Avenue Capital Partners LLC (“SACP”) and Crystal Financial LLC (“Crystal”) announced the closing of a $40,000,000 Senior Credit Facility for JackRabbit (“JackRabbit” or the “Company”), a leading omni-channel retailer of athletic footwear, apparel, and accessories owned by affiliates of CriticalPoint Capital (“CPC”).

BOSTON, Massachusetts – September 11, 2019 – Fred’s Inc., a discount value retailer, has once again tapped SB360 Capital Partners as their exclusive consultant to conduct Store Closing Sales in all 81 remaining Fred’s locations. SB360 Capital Partners, one of North America’s leading asset disposition specialists, has closed 442 Fred’s locations since April of this year.

BOSTON, Massachusetts and SAN FRANCISCO – August 13, 2019 – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), and White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, have closed on a $16,000,000 asset-backed revolving credit facility for Marolina Outdoor, Inc., a Charleston, SC based apparel company.

SAN ANTONIO, Texas – August 8, 2019 – A’GACI, an innovator in the fast fashion apparel industry since 1971, is closing all 54 stores in the US and Puerto Rico. A’GACI filed for Chapter 11 Bankruptcy protection this morning and retained a joint venture of SB360 Capital Partners and Hilco Merchant Resources to liquidate the stores.

CHICAGO, Illinois – July 13, 2019 – CHARMING CHARLIE will begin offering huge discounts at their closing sales today. The jewelry and accessories retailer filed for Chapter 11 bankruptcy Thursday, July 11, 2019 with plans to close all of their 261 stores in 38 states.

BOSTON, Massachusetts – July 12, 2019 – SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, has renewed their agreement to work as the exclusive consultant to conduct “Store Closing” Sales for Fred’s Inc., and will begin sales in 129 new locations today.

BOSTON, Massachusetts – June 21, 2019 – In an ongoing effort to rationalize their store footprint, Fred’s Inc., has once again tapped SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, as the exclusive consultant to conduct “Store Closing” Sales in 49 additional stores.

BOSTON, Massachusetts – May 16, 2019 – SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, has once again been retained by Fred’s Inc. as the exclusive consultant to conduct “Store Closing” Sales in 104 additional stores. SB360 was initially retained by Fred’s in April.

BOSTON, Massachusetts and SAN FRANCISCO – April 18, 2019 – Second Avenue Capital Partners, LLC “(SACP”) (www.secondavecp.com), and White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today the closing of a $35,000,000 asset-backed revolving credit facility for Charming Charlie.

BOSTON, Massachusetts – April 11, 2019 – SB360 Capital Partners (www.sb360.com), one of North America’s leading asset disposition specialists, has been retained as the exclusive consultant to conduct “Store Closing” Sales and other clearance events for Memphis based Fred’s Inc., a discount value retailer with 557 stores throughout the Southeast.

SAN FRANCISCO, California – March 20, 2019 – The final shipments of fresh new spring Charlotte Russe merchandise are arriving in stores this week. As the Charlotte Russe stores head into their last 10 days of a “Going Out of Business” sale, associates are getting the new arrivals processed and pushed directly to the selling floor.

SAN FRANCISCO, California – March 7, 2019 – After 44 years, fast-fashion retailer Charlotte Russe is going out of business and closing all of the company’s remaining 416 store locations. A U.S. Bankruptcy Court judge in Delaware approved an order naming SB360 Capital Partners (www.sb360.com) as agent for the liquidation.

BOSTON, Massachusetts – November 27, 2018 – Second Avenue Capital Partners, LLC, (www.secondavecp.com) announced the closing of a $20,000,000 asset based credit facility to help fund the purchase and on-going working capital needs of a new entity under the banner of Fallas Stores. This new facility was integral to closing a transaction for the purchase of 85 stores

TORONTO, Ontario – November 8, 2018 – Town Shoes Canada, a trend setting mid-luxury footwear retailer, has retained SB360 Capital Partners LLC (www.sb360.com), to assist in the closure of all 28 stores operating as Town Shoes and the Town Shoes ecommerce platform. Ohio based DSW Inc., parent company of Town Shoes Limited, announced earlier this year…

NEW YORK, New York – October 19, 2018 – Authentic Brands Group (ABG), a global brand owner, marketing, and entertainment company, today announced that it has joined with Jay Schottenstein to emerge as the successful bidder to purchase the intellectual property of Heritage Home Group LLC in an auction conducted under Section 363 of the U.S. Bankruptcy Code.

NORTHBROOK, Illinois – October 12, 2018 – National Stores will begin a store closing sale at 184 of its remaining locations today. The store closing sales are being conducted by a joint venture consisting of Hilco Merchant Resources, Gordon Brothers and SB360 Capital Partners. The specific stores that will be closing are currently branded as Fallas and Factory 2-U stores.

BOSTON, Massachusetts – September 14, 2018 – SB360 Capital Partners LLC (SB360), one of North America’s leading asset realization firms, has been chosen by Heritage Home Group LLC (HHG) to assist HHG in conducting sales of the inventory from their Thomasville & Co., and Broyhill business units. Thomasville & Co. includes the Thomasville brand, Drexel, and Henredon.

HIGH POINT, North Carolina – August 31, 2018 – Heritage Home Group LLC (“HHG” or the “Company”) today announced that it and its affiliates have signed an agreement for a newly-formed entity of Authentic Brands Group and SB360 Capital Partners LLC (the “Stalking Horse Bidder”) to acquire HHG’s Broyhill and Thomasville & Co. (including Thomasville, Drexel and Henredon) brands.

BOSTON, Massachusetts – August 20, 2018 – Second Avenue Capital Partners, LLC, announced it has provided a $12,000,000 revolving line of credit to A’GACI, LLC, a young women’s lifestyle brand and fast fashion retailer. Proceeds from the credit facility will be used as exit financing, enabling A’GACI’s emergence from bankruptcy.

BOSTON, Massachusetts – May 16, 2018 – Second Avenue Capital Partners, LLC, (SACP) announced it has provided a senior secured credit facility to Tommie Copper, the innovative authority in creating premium patented copper compression products. The credit facility will be used to fund working capital and additional growth opportunities.

BOSTON, Massachusetts – April 16, 2018 – Second Avenue Capital Partners, LLC, (www.secondavecp.com) announces its formation as a new lending platform specializing in asset-based loans for the broader retail and consumer product industry. Established by SB360 Holdings, Second Avenue is a Schottenstein Affiliate.

(TORONTO, Ontario) – April 13, 2018 – A Canadian Bankruptcy Court judge issued an order Wednesday approving the liquidation of assets and the closing of all 35 locations of Nine West Canada. Nine West Canada LP and its General Partner Jones Canada, Inc. (together, “Nine West Canada” or the “Company”) each had previously filed a Notice of Intention to File a Proposal (“NOI”).

NEW YORK, New York – April 13, 2018 – Two of America’s leading asset disposition firms, SB Capital Group, LLC, and 360 Merchants Solutions, LLC, announced today they formed a new entity, SB360 Capital Partners (“SB360”) to jointly operate their businesses. SB360 is an affiliate of the Schottenstein Family of Companies.

NEW YORK, New York – November 22, 2017 – On Wednesday, a U.S. Bankruptcy Court judge in New Jersey approved an order authorizing a joint venture of SB Capital Group, LLC, and 360 Merchant Solutions, LLC, to conduct “Total Liquidation” sales in each of the Fashion to Figure locations.

GREAT NECK, New York – April 7. 2017 – A privately-held group of dollar stores announced it would begin a total liquidation of inventory in more than 300 stores in 36 states, as well as a distribution center that services those stores. The owners of the chain retained SB Capital Group and 360 Merchant Solutions.

LANHAM, Maryland – October 26, 2016 – After more than 44 years in business, Offenbachers, a regional retailer of patio furniture, grills, fireplaces, and recreational products, announced the wind-down of the Company with the closing of all eight stores in the chain.

WALTHAM, Massachusetts – July 29, 2016 – Two Ten Footwear Foundation, the national charitable foundation of the U.S. footwear industry, announced plans today for its 77th annual VIP Dinner and Gala, “One Team.” Scheduled for Wednesday, November 30, 2016, the industry’s premier, dual-event evening of philanthropy and entertainment…

BOISE, Idaho and PLEASANTON, California – January 30, 2015 – AB Acquisition LLC and Safeway Inc. (NYSE: SWY, “Safeway”) announced today that they have completed their proposed merger. Under the terms of the merger agreement first announced and unanimously approved…

PLEASANTON, California and BOISE, Idaho – March 6, 2014 – Safeway Inc. (NYSE: SWY) and Albertsons announced today a definitive agreement under which AB Acquisition LLC (“AB Acquisition”) will acquire all outstanding shares of Safeway (the “Merger”).