SWFI Daily Layoffs Briefing, August 3, 2020
Posted on 08/03/2020
Here are more layoffs tied to the economic impact of the Wuhan coronavirus (COVID-19) pandemic – more or less to the lockdown measures as well.
Private Equity Backed-California Pizza Kitchen Files for Chapter 11
California Pizza Kitchen, Inc. is a casual dining restaurant chain that specializes in California-style pizza that filed for Chapter 11 bankruptcy. California Pizza Kitchen operates more than 200 restaurants and said the filing was necessary “to reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company.”
On July 7, 2011, Golden Gate Capital, through the Golden Gate Capital Opportunity Fund, L.P., finalized its deal to buy California Pizza Kitchen, taking the company private for US$ 18.50 per share in cash, or approximately US$ 470 million in the aggregate.
Tailored Brands
Houston, Texas-based Tailored Brands filed for bankruptcy. The company owns Men’s Wearhouse, Jos. A. Bank, Moores Clothing for Men, and K&G Fashion Superstore. Tailored Brands entered into a restructuring agreement with more than 75% of its senior lender, hoping to reduce its debt load by US$ 630 million.
Lord & Taylor
High-end department store retailer Lord & Taylor and its owner, clothing rental startup Le Tote Inc., have filed for Chapter 11 bankruptcy protection in Richmond, Virginia.
MGM Resorts International
MGM Resorts International disclosed plans to lay off most of its workers in its entertainment and sports divisions effective August 31, 2020. MGM has previously informed roughly 63,000 employees they would be furloughed through the end of August 2020.
Creative Artists Agency
Creative Artists Agency LLC (CAA) plans to implement a large round of lay offs and furloughs. The Hollywood talent agency is majority owned by TPG Capital, which first invested in CAA in 2010 and by 2014 took majority control. The sports and music divisions of CAA are expected to be the biggest impacted.
Nomura Holdings
Nomura Holdings Inc. lobbed off dozens of jobs at its U.S. investment bank.
Raytheon Technologies Corporation
Raytheon Technologies Corporation sliced roughly 8,000 jobs in its commercial aviation business.
