Commercial Law World - Issue 4, 2017 - 10

Make Hay While
the Sun Shines
by Wanda Borges, Esq.
Principal Member of Borges
and Associates, LLC
Wanda Borges is the principal
member of Borges Associates, P.C. in
Syosset, NY and can be reached at
wborges@borgeslawllc.com. She
has concentrated her practice of law
in the field of commercial litigation,
corporate creditors╩╝ rights and
bankruptcy for an excess of 35 years.

www.borgeslawllc.com

E

ach of us learned the adage "Make Hay While the
Sun Shines" from an early age. Although it may have
originated from the farming communities, each of us has
heard it used in all walks of life. All dictionaries agree that
this proverb means "to take advantage of a brief opportunity
while it is there". Currently, bankruptcy practitioners
are experiencing a retail tsunami. Commercial litigators,
collection agencies, and collection attorneys are exactly
what is needed in these retail bankruptcies and other current
bankruptcy cases.

If you doubt that there is a
flood of retail bankruptcies,
here are summaries of just
some of the bankruptcies
which have been filed in 2017.
The Limited, the once popular women's clothing chain
filed for bankruptcy in January 2017 and closed all of its
remaining stores. Wet Seal, a troubled teen clothing retailer,
which made a previous trip through bankruptcy in 2015 filed
for bankruptcy protection again in February 2017. Gordmans
Stores, a century-old regional department store chain in the
Midwest and western U.S filed for bankruptcy on March
13 and is shuttering all of its stores. Gander Mountain, the
hunting and outdoors retailer, which operated under the
Gander Mountain and Overton names, filed for bankruptcy
in March. RadioShack, the once iconic electronics retailer
filed its second chapter 11 proceeding in March 2017 and
it is expected that all of the stores will be shuttered. While
some of its stores were sold to the RV retailer Camping
World, the remaining inventory is being liquidated. Rue21,
10 COMMERCIAL LAW WORLD

the teen clothing retailer filed for bankruptcy on May 15 and
said it has plans to close about one-third of its 1,200 stores.
Gymboree, the children's clothing retailer filed for bankruptcy
on June 11 saying it may close 375 of its 1,300 stores under
the Gymboree, Crazy 8 and Janie and Jack brands. Payless
Shoes filed a chapter 11 proceeding and quickly emerged
from chapter 11 within only a few months. Toys R Us is
currently in a chapter 11 proceeding and its reorganization
or liquidation is unknown. It has expressed its anticipation of
a reorganization, hinged in large part on the holiday season
sales. It has announced plans for a "new look" to compel more
shoppers to come to their brick and mortar stores and turn
away from online shopping.
It is not just the retailers who are liquidating. The trend
in chapter 11 proceedings for the past several years has been
liquidation rather than reorganization. Commercial litigators
and collection practitioners can take advantage of this flood of
bankruptcy liquidations.

Get Out There and Make Yourself Known to the
Bankruptcy Community!
It is no longer enough to attend CLLA meetings and expect
that business will come your way. Bankruptcy practitioners
have their own venues and events. Each year the National
Conference of Bankruptcy Judges offers education and
networking opportunities. The Turnaround Management
Association holds national and regional conferences. The
National Association of Bankruptcy Trustees holds an
annual conference for education and networking. Many Bar
Associations have local or regional meetings. CLLA members
need to get involved with one of these organizations or at least
attend one or more of these meetings so that they will become
known as the experts in collection and litigation matters

OCT /NOV /DEC 2017


http://www.borgeslawllc.com

Table of Contents for the Digital Edition of Commercial Law World - Issue 4, 2017

Contents
Commercial Law World - Issue 4, 2017 - Cover1
Commercial Law World - Issue 4, 2017 - Cover2
Commercial Law World - Issue 4, 2017 - Contents
Commercial Law World - Issue 4, 2017 - 2
Commercial Law World - Issue 4, 2017 - 3
Commercial Law World - Issue 4, 2017 - 4
Commercial Law World - Issue 4, 2017 - 5
Commercial Law World - Issue 4, 2017 - 6
Commercial Law World - Issue 4, 2017 - 7
Commercial Law World - Issue 4, 2017 - 8
Commercial Law World - Issue 4, 2017 - 9
Commercial Law World - Issue 4, 2017 - 10
Commercial Law World - Issue 4, 2017 - 11
Commercial Law World - Issue 4, 2017 - 12
Commercial Law World - Issue 4, 2017 - 13
Commercial Law World - Issue 4, 2017 - 14
Commercial Law World - Issue 4, 2017 - 15
Commercial Law World - Issue 4, 2017 - 16
Commercial Law World - Issue 4, 2017 - 17
Commercial Law World - Issue 4, 2017 - 18
Commercial Law World - Issue 4, 2017 - 19
Commercial Law World - Issue 4, 2017 - 20
Commercial Law World - Issue 4, 2017 - 21
Commercial Law World - Issue 4, 2017 - 22
Commercial Law World - Issue 4, 2017 - 23
Commercial Law World - Issue 4, 2017 - 24
Commercial Law World - Issue 4, 2017 - 25
Commercial Law World - Issue 4, 2017 - 26
Commercial Law World - Issue 4, 2017 - 27
Commercial Law World - Issue 4, 2017 - 28
Commercial Law World - Issue 4, 2017 - Cover3
Commercial Law World - Issue 4, 2017 - Cover4
http://www.nxtbook.com/nxtbooks/clla/clw_2019issue1
http://www.nxtbook.com/nxtbooks/clla/clw_2018issue4
http://www.nxtbook.com/nxtbooks/clla/clw_2018issue3
http://www.nxtbook.com/nxtbooks/clla/clw_2018issue2
http://www.nxtbook.com/nxtbooks/clla/clw_2018issue1
http://www.nxtbook.com/nxtbooks/clla/clw_2017issue4
http://www.nxtbook.com/nxtbooks/clla/clw_2017issue3
http://www.nxtbook.com/nxtbooks/clla/clw_2017issue2
http://www.nxtbook.com/nxtbooks/clla/clw_2017issue1
http://www.nxtbook.com/nxtbooks/clla/clw_2016issue4
http://www.nxtbook.com/nxtbooks/clla/clw_2016issue3
http://www.nxtbook.com/nxtbooks/clla/clw_2016issue2
http://www.nxtbook.com/nxtbooks/clla/clw_2016issue1
http://www.nxtbook.com/nxtbooks/clla/clw_2015issue4
http://www.nxtbook.com/nxtbooks/clla/clw_2014issue3
http://www.nxtbook.com/nxtbooks/clla/clw_20140407
http://www.nxtbook.com/nxtbooks/clla/clw_2014010203
http://www.nxtbook.com/nxtbooks/clla/clw_2013101112
http://www.nxtbook.com/nxtbooks/clla/clw_2013070809
http://www.nxtbook.com/nxtbooks/clla/clw_2013040506
http://www.nxtbook.com/nxtbooks/clla/clw_2013010203
http://www.nxtbook.com/nxtbooks/clla/clw_2012101112
http://www.nxtbook.com/nxtbooks/clla/clw_2012070809
http://www.nxtbook.com/nxtbooks/clla/clw_20120506
http://www.nxtbook.com/nxtbooks/clla/clw_20120304
http://www.nxtbook.com/nxtbooks/clla/clw_201201
http://www.nxtbook.com/nxtbooks/clla/clw_20111112
http://www.nxtbook.com/nxtbooks/clla/clw_20110910
http://www.nxtbook.com/nxtbooks/clla/clw_20110708
http://www.nxtbook.com/nxtbooks/clla/debt3_20110506
http://www.nxtbook.com/nxtbooks/clla/debt3_20110304
http://www.nxtbook.com/nxtbooks/clla/debt3_20110102
http://www.nxtbookMEDIA.com