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.
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.