Simply Fashion Stores, Ltd. and Adinath Corp.
Soneet Kapila was named Chief Restructuring Officer of Simply Fashion Stores, Ltd. (SFS) and KapilaMukamal was named Restructuring Advisors for the Debtors Adinath Corp. and Simply Fashion Stores, Ltd. SFS operated nearly 250 women’s clothing stores in 25 states and major cities including Detroit, Miami, Chicago, Nashville, Baltimore and Dallas offering trendy apparel plus shoes, accessories and lingerie. The Debtors filed for Chapter 11 Bankruptcy in the Southern District of Florida. Kapila and KM provided bankruptcy consulting services including supervising the transition and liquidation of inventory, closing stores, selecting of auctioneer and facilitating the bankruptcy auction, securing post-petition financing, workouts of leases, employee incentive plans, vacation notices, short term leases, interim payments for rent, utilities, taxes, etc.
KM also investigated and identified potential preferential transfers of over $8 million and worked in conjunction with legal counsel to facilitate recoveries from targets. KM created budgets, prepared cash analyses, negotiated short term and interim leases, prepared liquidation analyses, handled terminations and negotiations for leased real estate.