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10 Turnarounds & Workouts

September 2015

Special Report
Retailer Creditor Recoveries
The following charts summarize key findings regarding recoveries by general unsecured creditors in bankruptcy cases filed by large
retailers, grocery stores and restaurant chains. The data regarding creditor recoveries was generated from an analysis of estimates
provided by debtors in disclosure statements filed between January 1, 2012 and September 10, 2015. Some of the cases covered in
our study were filed as early as 2001, but most were also filed in the 2012-2015 timeframe. In collecting the data for this study, only
the last-filed disclosure statement was used for cases in which multiple versions of the disclosure statement were filed. Additionally,
disclosure statements which did not provide an estimate of the percentage recovery for general unsecured creditors were excluded
in charting recovery estimates. No attempt was made to independently estimate recoveries in such cases. The charts represent only
the plan proponents estimates of recoveries which may differ from actual recoveries
received by creditors in such cases. To view a list of the bankruptcy cases examined
in preparing this data, please visit https://www.chapter11dockets.com/about/cases.
Midpoint Estimated General Unsecured Creditor Recoveries:
Retail, Grocery, and Restaurant Chain Plans Proposed 20122015

Almost Half of All Large Retail, Grocery, and Restaurant

Chain Bankruptcies Resulted in Proposed Recoveries to
General Unsecured Creditors of 10% or Less for Plans
Proposed Between 2012 and 2015 (Year to Date)

Estimated General Unsecured Creditor Recoveries in Notable Large Chapter 11 Cases

Debtor Name
Filing Date
Bankruptcy Jurisdiction

Ames Department Stores, Inc.
Circuit City Stores, Inc.
The Great Atlantic & Pacific Tea Company, Inc.
Borders Group, Inc.
Orchard Supply Hardware Stores Corporation
Loehmann's Holdings Inc.
Brookstone Holdings Corp.
Coldwater Creek Inc.
The Wet Seal, Inc.
C. Wonder LLC


Southern District of New York

Eastern District of Virginia
Southern District of New York
Southern District of New York
Southern District of New York
New Jersey

Estimated. GUC
Recovery Range
0.0 - 1.0%
0.0 - 13.5%
2.1 - 2.7%
4.0 - 10.0%
2.1 - 3.0%
1.0 - 1.2%
11.4 - 30.5%
5.5 - 6.6%
7.0 - 20.6%