CohnReznick, an advisory, assurance and tax firm in the United States, was honored twice in the 2021 Turnaround Atlas Awards presented by Global M&A Network in a virtual awards ceremony.
CohnReznick won Turnaround of the Year in the small markets category for its restructuring work for Le Pain Quotidien, an international chain of bakery restaurants with locations in seven major U.S. markets and 15 other countries worldwide. In addition to the restructuring work, CohnReznick advised on the acquisition of Le Pain Quotidien by Aurify Brands, a New York-based owner/operator of several casual restaurant chains. The acquisition work included Aurify’s purchase of Maison Kayser’s 16 U.S. bakeries which filed for bankruptcy last year.
Cynthia Romano, global Leader for CohnReznick’s restructuring and dispute resolution practice led the engagement along with senior manager Molly Jobe.
The firm won Chapter 11 Restructuring of the Year in the small mid-markets category for its restructuring work for Rubie’s, the world’s largest costume designer and manufacturer. In April 2020, Rubie’s sought Chapter 11 bankruptcy protection to facilitate a financial restructuring. CohnReznick and CohnReznick Capital were selected as financial advisor and investment banker to the Official Committee of Unsecured Creditors in the Chapter 11 proceedings.
The CohnReznick team members advising on the Rubie’s project were restructuring and dispute resolution practice global leader Kevin Clancy, partner Vinni Toppi, manager Ying Zheng, and CohnReznick capital managing director Jeff Manning.
“Our Le Pain Quotidien work was especially challenging and complex since it ultimately involved the restructuring of one company and a transaction that involved three”, Romano said. “In a business environment where so many eateries were forced to close their doors during the pandemic, our restructuring work increased the value of the company, ultimately leading to its successful acquisition by Aurify. Thank you to my team, and thank you to Global M&A Network for recognizing our efforts with the ‘Turnaround of the Year’ Atlas Award.”
“It’s especially gratifying when the work we do can help a longstanding, globally recognized brand like Rubie’s successfully emerge from bankruptcy with a new owner, new financial resources, and a new operating model. I look forward to the ongoing success of Rubie’s II, LLC and, on behalf of my CohnReznick and CohnReznick Capital colleagues, I am truly honored that Global M&A Network has chosen us for this significant award,” Clancy said.
