The Collected Group is out of bankruptcy — emerging with a cleaner balance sheet and new funding from the same backer, private equity giant KKR.
The parent to Joie, Current/Elliott and Equipment described the trip to Chapter 11 as a “financial restructuring” and said it was “well positioned for long-term growth.”
“As a result of its reorganization, the company has eliminated over $150 million of secured indebtedness,” the firm said. “The Collected Group has secured new funding from KKR to drive key growth initiatives and compete in e-commerce and domestic and global wholesale channels from a position of enhanced strength for 2021 and beyond.”
The Los Angeles-based company had as many as 33 of its own stores at one point and was in the process of closing locations when the pandemic hit with disruptions that ultimately proved to be overwhelming. With the help of the court, the company was able to move more quickly away from retail and to refocus.
Founded in 2001, the company went into the Chapter 11 process in early April with $185.3 million in funded debt obligations and roughly $35.5 million in unsecured debt, including unpaid debt and damages for rejecting leases, according to court papers.
“We are pleased to have completed this process swiftly and consensually, and we thank our customers, vendors and team members for their support and dedication over these past months and into the future,” said Silvia Mazzucchelli, chief executive officer, who took over corner office from James Miller.
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