Latest Case Studies

Case Study: Apparel & Textile

Coldwater Creek

Size
$250MM

Scale
366 stores

Context
Strategic Partnerships

Description

After failing to find a going concern buyer for its business, as a function of its bankruptcy, Hilco successfully submitted a joint bid with private equity firm Sycamore Partners to purchase Coldwater Creek. Collectively, Hilco and Sycamore saw opportunity for Coldwater Creek to shed its stores and continue as an e-tailer, in large part due to the goodwill behind the brand. Hilco purchased and sold $250MM worth of inventory and FF&E while ultimately shedding Coldwater Creek’s 366 stores. After the sale, Sycamore was able to leverage Coldwater Creek’s substantial brand equity to relaunch the company as a catalogue and online retailer. Our thesis was correct – Coldwater Creek is still successfully operating today.

Problem to Solve

Coldwater Creek, in distress, sought a going concern buyer to operate the company on a go-forward basis and provide financial stability. While certain buyers were interested in certain assets, no deal could be reached.
Hilco and private equity firm Sycamore Partners identified an opportunity for the retailer to shed its store base and continue its operations online only.

Solutions Provided

Provided capital for unwanted assets
Managed liquidation of 366 retail stores

Meet Our Team

Hilco Global is comprised of leaders with extensive experience redeveloping some of the nation’s most complex and challenging businesses.

Steven Tanzi President Hilco Performance Solutions Hilco Commercial Industrial

Steven Tanzi

President Hilco Performance Solutions Hilco Commercial Industrial

Steven is an experienced executive and consultant who focuses on both restructuring and business performance improvement. He has over 25 years of both industry and consulting experience supporting companies with their transformational efforts leveraging his knowledge of supply chain, operations, maintenance, customer experience, risk, asset management, organizational design, and financial planning and budgeting. Steven has a BS in Chemical Engineering from Purdue University and an MBA in Supply Chain Management and Finance from Michigan State University. Select experiences from his career include:

Implemented new inventory and ordering processes reducing inventory by 50% while improving service levels.
Led a corporate wide improvement program focused on Procure to Pay, Working Capital, Financial Close, and Production Reliability achieving $8.5 million in EBITDA improvement in the first year on a journey to unlock unachieved past integration synergies.
Drove double-digit improvements in a manufacturing division’s EBITDA by changing the culture to focus on margin and customer experience over production volume, reversing the trend of financial misses to meeting commitments.
Improved Sales and Operations Planning processes for a manufacturing company delivering $30 million in EBITDA.
Conducted the review of the manufacturing processes and facilities for specialty chemical company’s potential acquisition identifying the synergies and growth opportunities for the potential buyer.
Assessed the supply chain, compliance, regulatory, training, legal, and internal audit functions of a large energy company, creating a reorganization plan for over 400 personnel that reduced costs, clarified accountability, better aligned with strategy and industry benchmarks, and eliminated redundant activities while improving compliance.
Directed a maintenance and reliability transformation program at a Fortune 50 energy company, including the implementation of a new organization and deployment model for over 500 maintenance craft. Reduced costs by a third and improved machine availability by 10%.

Steven has worked in numerous manufacturing industries and has formal training and experience utilizing Lean on both the manufacturing floor and in back-office business processes to support his performance improvement activities.

Brent Bonham Executive Vice President
Hilco Commercial Industrial

Latest Case Studies

Coldwater Creek

Description

Problem to Solve

Solutions Provided

Services

Corporate

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