Locke Lord hired as restructurer tees Republic up for sale
US firm Locke Lord has taken a role advising the group tasked with preparing Republic for a sale after the clothing chain went into administration earlier this month.
A London team from the Texan firm has been appointed by restructuring specialist Gordon Brothers, which has been brought in by administrators at Ernst & Young (E&Y) to trade the company.
Gordon Brothers’ role involves restructuring the Leeds-based fashion retailer’s strategy in advance of a takeover, a process expected to last around four to eight weeks.
Relationship partner and corporate lawyer Graham Spitz is leading the team acting for the Boston-headquartered adviser, whose UK-based operation on the matter is headed by COO Malcolm MacAulay.
Spitz is joined on the mandate by Locke Lord consultant Dan Kelmanson.
Background to this deal:
Spitz brought longstanding client Gordon Brothers to Locke Lord from Salans, which he left to join Locke Lord when the US outfit launched in London in early2012. He has advised the group since 2008, winning the relationship through a contact with a senior executive who later left the company. Spitz has previously advised Gordon Brothers on similar appointments in relation to Focus DIY and Best Buy.
The E&Y team called in Gordon Brothers roughly a week ago to assist in realising the stock and securing optimal financial return to the administrators. E&Y partners Hunter Kelly, John Sumpton and Alan Hudson instructed DLA Piper and Linklaters, with the latter also advising the company’s lenders (13 February 2013).
Spitz and Kelmanson also recently advised a team at Moorfields Corporate Recovery on the sale from administration of motorcycle clothing and accessories retailer Hein Gericke UK (17 September 2012).
