- Jennifer Convertibles, Inc. (“Jennifer”) retained TM Capital (“TM”) as financial advisor in connection with its reorganization under a Chapter 11 bankruptcy filing
- TM assisted Jennifer in developing its turnaround plan, negotiating a Plan Support Agreement with its principal supplier, reaching agreement with other creditors, and arranging DIP / Exit Financing
- The turnaround plan resulted in the closure of 82 stores and one warehouse and the exiting of eight territories
- Jennifer owns the largest group of sofabed and leather specialty retail stores in the United States as well as six big-box furniture stores operated under the Ashley Furniture HomeStores brand
- Jennifer emerged from bankruptcy with its largest supplier, Haining Mengnu Group Co. of China, owning more than 90% of the company’s outstanding stock
For more information, contact our global team at:
TM Capital navigated us through a complex Chapter 11 proceeding, enabling Jennifer Convertibles to emerge well positioned for the future. Their deep understanding of the bankruptcy process assisted us in negotiating the best possible outcome for all parties.”Rami Abada, President, Jennifer Convertibles, Inc.