Overview
- The company, which announced the change on Friday, June 26, left Chapter 11 after a U.S. bankruptcy court approved its reorganization plan.
- The restructuring cut nearly 75% of the company’s debt and provided about $500 million in exit financing to restore immediate liquidity.
- A reconstituted board now includes representatives from Pentwater Capital Management and Bracebridge Capital alongside CEO Geoffroy van Raemdonck and independent directors Dave Kimbell and Philippe Schaus.
- The turnaround required closing dozens of stores, winding down off‑price operations, and cutting staff with WARN filings showing more than 1,200 store and facility layoffs and roughly 16% corporate reductions.
- Management says it will concentrate on three banners with exclusive full‑price selling and white‑glove service and has set targets of $9 billion in gross merchandise value and double‑digit adjusted EBITDA by fiscal 2030, while vendor payment and inventory issues remain immediate execution risks.