Several things remain open. Co-chief restructuring officer Rudy Morando and restructuring adviser Lorie Beers said the company has received nine proposals for some or all of its assets and could also liquidate, but no buyer has been named. The filing triggered a default on unsecured subordinated notes held by Mithaq Capital SPC, the Saudi family office that became majority shareholder in 2024. Secured lenders Wells Fargo and Crystal Financial (SLR Credit Solutions) are also named in the default, and the company disputes an SLR acceleration notice dated November 7. Chairman Fahad AlRajhi stepped down as executive chairman shortly before the filing, and CFO John Szczepanski has taken on the acting president role. The company proposes a new term loan from existing secured lenders, which is expected to be considered at a first-day hearing on November 10.
For attorneys, the timetable is the story. A December 9 bid deadline and a December close leave little room for delay, so watch the November 10 first-day hearing for the financing terms, any challenge to the SLR notice and the Mithaq default, and the bidder field as the nine proposals narrow. Creditors and landlords should track store-closing lists and the Canadian recognition request. Employment counsel should monitor the WARN timeline. The case will also show whether Saudi-backed rescue capital can keep a U.S. retailer afloat, after Mithaq reportedly supplied more than $208 million since 2024.