NEW YORK, Feb. 2, 2017 /PRNewswire/ -- Although energy
companies grabbed the biggest bankruptcy headlines in 2016, the
number of bankruptcy filings by U.S. retailers nearly doubled, and
2017 looks bleak for the industry, according to The Deal, a
business unit of TheStreet, Inc. (NASDAQ: TST).
"The rate of Chapter 11 filings is often an indicator of an
industry's health and that's bad news for retailers," said
Ian Wenik, bankruptcy reporter at
The Deal. "The number of large-liability retail Chapter 11 filings
(at least $250 million in
liabilities) nearly doubled in 2016 and that trend shows no signs
of slowing down. Teen clothing retailers in particular are
struggling as teenagers turn towards experiences as a method of
conspicuous consumption and away from fashion labels."
The Deal's exclusive ranking covers the top U.S and Canadian
firms involved in bankruptcy cases filed between Jan. 1 and Dec. 31, 2016.
Some highlights from the report:
- Latham & Watkins LLP claimed the top spot for bankruptcy
law firms by volume, with $90.2
billion in liabilities. Duane Morris LLP followed, with
$70.9 billion in liabilities.
Milbank, Tweed, Hadley & McCloy LLP ranked third, with
$58.9 billion in liabilities.
Whiteford, Taylor & Preston LLP followed in fourth with
$46 billion in liabilities and DLA
Piper ranked fifth with $44.7 billion
in liabilities.
- Goodmans LLP claimed the top spot for bankruptcy of Canadian
law firms by volume, with $11.8
billion in liabilities. Borden Ladner Gervais LLP followed,
with $11.6 billion in liabilities.
Torys LLP ranked third, with $10.4
billion in liabilities. Stikeman Elliott LLP followed in
fourth with $10.1 billion in
liabilities and Norton Rose Fulbright LLP ranked fifth with
$9.8 billion in liabilities.
- For investment banks by volume, Houlihan Lokey Inc. remained in
the top spot, with $118.2 billion in
liabilities. Lazard Ltd. followed in second, with $83 billion in liabilities. Moelis & Co. LLC
was third, with $54.7 billion in
liabilities. PJT Partners Inc. ranked fourth, with $34.8 billion in liabilities. Jefferies LLC
rounded up the top five with $29.8
billion in liabilities.
- FTI Consulting Inc. claimed the top spot for Canadian
bankruptcy monitors by volume with $10.9
billion. PricewaterhouseCoopers Inc. followed with
$8.3 billion. Ernst & Young Inc.
came in third with $5.3 billion.
Alvarez & Marsal LLC came in fourth with $974 million. Richter Consulting Inc. came in
fifth with $672.4 million.
The full report is available online, or learn more about
The Deal's Bankruptcy League Tables by
visiting http://www.thedeal.com/league-tables/bankruptcy/.
About The Deal's Bankruptcy League Tables
The
Deal's U.S. Bankruptcy League Tables include cases with
at least $25 million in liabilities.
The Canadian Bankruptcy League Tables include all cases
filed under the Companies Creditors Arrangement Act (CCAA), plus
cases filed pursuant to the Bankruptcy and Insolvency Act (BIA),
with at least $25 million in
liabilities. The rankings are based on the aggregation of those
liability values.
About The Deal
The Deal (www.thedeal.com)
provides actionable, intraday coverage of mergers, acquisitions and
all other changes in corporate control to institutional investors,
private equity, hedge funds and the firms that serve them. The Deal
is a business unit of TheStreet, Inc. (NASDAQ:
TST, www.t.st), a leading financial news and information
provider. Other business units include TheStreet
(www.thestreet.com), which is celebrating its
20th year of producing unbiased business news and
market analysis; BoardEx (www.boardex.com), the leading
relationship mapping service of corporate directors and officers;
and RateWatch (www.rate-watch.com) which supplies rate and fee data
from banks and credit unions across the U.S.
Contact: Jon Kostakopoulos,
212-321-5561, Jon.Kostakopoulos at thestreet.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/us-retail-bankruptcies-skyrocket-in-2016-grim-outlook-for-the-industry-300401495.html
SOURCE TheStreet, Inc.