In what was one of the first major retail bankruptcy since thenovel coronavirus struck the US, J Crew recently filed for Chapter 11 protection. Then,Neiman Marcus became the first major department storeto file for bankruptcy during the pandemic. Gold's Gym was up nextand the list goes on. Those retailers are just a few of themany companies facing restructuring andbankruptcy.
The challenges these retailers and other real estate companieswill face as they restructure are numerous and include recruitment,onboarding, legal and financial challenges.
Rebuilding the Board
One important but often overlooked challenge should be added tothat list: properly restructuring a board post-bankruptcy,according to Rusty O'Kelley, co-leader of the Board &CEO Advisory Partners and global leader of Board Consulting andEffectiveness Practice at Russell Reynolds Assoc.
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