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Hedge Funds

Payless Creditors Scrutinize Hedge Fund For Role In Second Bankruptcy - News | Abl Advisor

by posted 9months ago 29 views
A hedge fund that promised to turn around the popular discount shoe retailer Payless ShoeSource after its emergence from Chapter 11 in 2017 instead let it whither on the vine, eventually landing the company back in bankruptcy court in February, according to the company's creditors.An article in USA Today cites arguments before a bankruptcy court in the Eastern District of Missouri, in which Payless creditors alleged that Alden Global Capital, which invests in distressed companies, presented a promising turnaround plan for the retailer modeled after stores like T.J. Maxx that sell brand names for discount prices.

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