Mall-based retailer Things Remembered is preparing to file for Chapter 11 bankruptcy protection and close most of its 400 stores, Reuters reports, citing unnamed sources. The company has hired investment bank Miller Buckfire & Co, owned by Stifel Financial and restructuring lawyers at Kirkland & Ellis, according to the report.
The retailer, founded 40 years ago to sell engraved gifts, was acquired in 2012 by private equity firm Madison Dearborn from two other PE firms, according to a press release. Madison Dearborn exited that investment in 2017, the firm told Retail Dive in an email. The company is now backed by a consortium that includes private equity firm KKR, which was involved in a 2016 restructuring, according to Reuters.. . . more