MELVILLE, N.Y., Sept. 21, 2021 /PRNewswire/ — For its work on the Chapter 11 bankruptcy restructuring of off-price home goods retailer Tuesday Morning, A&G Real Estate Partners was among the winners of the Turnaround Management Association’s 2021 Turnaround/Transaction of the Year Awards.
The awards recognize the year’s 10 "most successful turnarounds and impactful transactions industrywide," according to TMA, a nonprofit serving corporate renewal and restructuring professionals worldwide. Tuesday Morning was honored in the category of Large Company Turnaround/Transaction (for entities with annual revenues of $300 million to $1 billion at the time of the turnaround).
Melville-based A&G—an advisory firm specializing in lease restructuring, real estate sales and auctions nationwide—was recognized along with other professional, advisory and banking firms that assisted Tuesday Morning on the restructuring.
Tuesday Morning, which filed for bankruptcy protection in May 2020, announced this past January that it had successfully completed its financial and operational reorganization and emerged from Chapter 11. A&G spearheaded the retailer’s efforts to optimize its real estate portfolio and emerge with 490 of its top-performing stores.
The Turnaround/Transaction of the Year Awards are chosen based on a rigorous peer-review process by the volunteer TMA Awards Committee. This process includes extensive diligence of each nominated case. As the judges review all components of each entry, they look for well-defined, measurable outcomes. "This year’s award winners have made a significant impact on the global economy during one of the most challenging times for business in generations," said TMA Global Chief Executive Officer Scott Y. Stuart, Esq.
Chicago-based TMA will honor this year’s 10 award recipients at the TMA Annual Conference October 26-29 in Nashville and online. Andrew Graiser, Co-President of A&G, will accept the award on behalf of the firm.
In the award announcement, TMA also cited A&G’s coparticipants in the Tuesday Morning process: Barry Folse, formerly AlixPartners; Clint Neider, AlixPartners; Michele Michaelis, BDO Consulting Group; Rudy Morando, BRG; Ian T. Peck, Haynes and Boone, LLP; Edward L. Schnitzer, Montgomery McCracken Walker & Rhoads LLP; Bradford J. Sandler, Pachulski Stang Ziehl & Jones; Tero Janne, PJ Solomon; Stacie Shirley, formerly Tuesday Morning Corporation, and William L. Wallander, Vinson & Elkins LLP.
This past June, the Global M&A Network also recognized A&G’s real estate advisory work on Tuesday Morning, naming the project a "Deal of the Year" in the Corporate Turnaround-Large category. At that event, A&G was also cited for its work on several other corporate turnaround and sale transactions and, for the second year in a row, was named "Real Estate Restructuring Firm of the Year."
"We are pleased to be part of the team that was once again honored for its work on this flawlessly executed reorganization," said Graiser. "For our part, working with Tuesday Morning’s management and landlords, we were able to successfully restructure the 490 go-forward leases, generating aggregate rent savings of approximately $75 million."
About A&G Real Estate Partners
A&G is a team of seasoned commercial real estate professionals and subject matter experts that delivers strategies designed to yield the highest possible value for clients’ real estate. Key areas of expertise include occupancy cost reductions, lease terminations, dispositions, real estate sales, real estate due diligence, valuations, acquisitions, and facilitation of growth opportunities. Utilizing its marketing knowledge, reputation and advanced technology, A&G has advised the nation’s most prominent retailers and corporations in both healthy and distressed situations. The firm’s team has achieved rent-reduction and occupancy-cost savings approaching $8 billion on behalf of clients in every real estate sector, while selling more than $12 billion of non-core properties and leases. Founded in 2012, A&G is headquartered in Melville, N.Y. For more information, please visit: http://www.agrep.com/
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SOURCE A&G Real Estate Partners