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Destination Maternity Corp. (DESTQ)

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Last Post: 12/9/2019 10:26:55 AM - Followers: 29 - Board type: Free - Posts Today: 9

The Super Tiny Float is mere 9,776,827 shares!
The Super Tiny OS is mere 14,226,121 shares!
The Super Tiny AS is mere 20,000,000 shares!

The nation’s largest retailer of maternity wear has filed for Chapter 11 bankruptcy protection amid sagging sales, increased competition and changing customer tastes. 

Destination Maternity listed $260.2 million in assets and $240 million in debts in its filing with the U.S. Bankruptcy Court in Delaware. The company, which in August announced it was reviewing strategic alternatives, including a possible sale, said the process has “already yielded indications of interest from several credible bidders.”  

To fund its operations during the Chapter 11 process, Destination Maternity obtained consent to use cash collateral from all of its prepetition secured lenders. In connection with the agreement, binding bids for the company must be submitted by December 5, 2019, with an auction to be held on December 9, 2019. The bankruptcy court must approve the sale by December 12, 2019. 

Destination Maternity said it intends to use the Chapter 11 process to optimize operations, including right-sizing its brick-and-mortar store footprint.  

“In a challenging retail environment, we have had to make some very tough choices, but we are confident that the steps taken today provide an opportunity to continue a marketing process that provides the most efficient means of maximizing value to our stakeholders,” said Lisa Gavales, chair of the Office of the CEO, which was created in June to oversee the chain during its search for a CEO. “Throughout this process we will be focused on developing the promising interest already shown by potential bidders, and maintaining operational momentum toward a stronger business.”

As of August 3, 2019, Destination Maternity operated 446 stores in the U.S., Canada and Puerto Rico under three banners: Motherhood Maternity, A Pea in the Pod and Destination Maternity, along with 491 leased departments in department stores and baby specialty stores throughout the U.S. and Canada. It also operates international stores via franchising.  Net sales for the first six months of fiscal 2019 decreased 10.3% to $179.1 million.   It reported a net loss of $14.3 million in fiscal 2018. Kirkland & Ellis LLP is acting as the company’s legal counsel, Greenhill & Co is acting as investment banker and Berkeley Research Group is serving as Destination Maternity’s restructuring advisor. BRG’s Robert J. Duffy has been appointed as the company’s chief restructuring officer.

Nov. 30, 2019 8:04 pm ET
Bankrupt retailer Destination Maternity Corp. will shut down its remaining 235 retail stores under a deal that would see a licensing firm buy the company’s brand name and other assets for $50 million.

A licensing platform backed by Neuberger Berman Group LLC has agreed to acquire the e-commerce business, brand name and intellectual property of bankrupt retailer, according to a filing in U.S. Bankruptcy Court in Wilmington, Del.


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DEST News: Destination Maternity Announces Proposed Stalking Horse Bidder 12/02/2019 08:00:00 AM
DEST News: Current Report Filing (8-k) 11/13/2019 10:39:42 AM
DEST News: Notification Filed by National Security Exchange to Report the Removal From Listing and Registration of Matured, Redeemed or ... 11/08/2019 10:42:00 AM
DEST News: Current Report Filing (8-k) 10/25/2019 06:07:36 AM
DEST News: Destination Maternity to Continue Sale Process Through Voluntary Chapter 11 Filing 10/21/2019 04:09:00 PM
News News Alert: Amended Statement of Ownership (sc 13g/a) 12/09/2019 10:32:44 AM
#429  Sticky Note That is Absolutely Misleading Info.! The inventory alone Value_Investor 12/08/19 03:48:08 PM
#423  Sticky Note So does that mean 25+11+65 (assumed auction sale Pi_Sky2017 12/08/19 12:21:09 PM
#444   Hopefully we get some decent news to keep Humbert 12/09/19 11:20:52 AM
#443   Yes, it was this idiot seller who caused Value_Investor 12/09/19 10:26:55 AM
#442   Some moron with 102K has been messing with BCNstocks 12/09/19 10:10:20 AM
#441   Mods start adding stickies. This one is a BCNstocks 12/09/19 10:08:24 AM
#440   This is sure to be true. I googled propert 12/09/19 09:52:59 AM
#439   No, Absolutely FALSE! In fact the "Q" stock Value_Investor 12/09/19 09:24:22 AM
#438   Previously I posted the information about how low propert 12/09/19 09:08:11 AM
#437   This is a really nice post and should NeutronLD50 12/09/19 07:35:05 AM
#436   The shareholding structure of $DESTQ is the key, pennystock_es 12/09/19 06:39:29 AM
#435   We're due for a nice bounce this week, Humbert 12/08/19 09:34:46 PM
#434   Thanks for the clarification! alexjames81 12/08/19 09:28:16 PM
#433   According to Green...Many BK stocks can bounce back The Rainmaker 12/08/19 09:17:15 PM
#432   According to Blue- the stock wont go up Ivegotanace2 12/08/19 09:10:18 PM
#431   Good post! Destq has a powerful online business pennystock_es 12/08/19 04:22:26 PM
#430   There are doubtlessly many reasons to be optimistic here Humbert 12/08/19 03:54:25 PM
#429   That is Absolutely Misleading Info.! The inventory alone Value_Investor 12/08/19 03:48:08 PM
#428   Unknown but bid statement doesn’t specify. This is etime0510 12/08/19 01:58:44 PM
#427   There are 14.3 M OS as far as propert 12/08/19 01:00:43 PM
#426   I do not think that is what it etime0510 12/08/19 12:44:03 PM
#425   Wow interesting . Thanks for that info Pi_Sky2017 12/08/19 12:32:39 PM
#424   Possibly, but we also need to consider the Humbert 12/08/19 12:28:58 PM
#423   So does that mean 25+11+65 (assumed auction sale Pi_Sky2017 12/08/19 12:21:09 PM
#422   Quite strange for him to ignore that, but Humbert 12/08/19 12:17:39 PM
#421   That is huge now I understand why Pi_Sky2017 12/08/19 12:00:24 PM
#420   Yes he has been one sided with certain Pi_Sky2017 12/08/19 11:58:35 AM
#419   Although I may have appeared to be one-sided, propert 12/08/19 11:48:45 AM
#418   What about the Cash/deposits and A/R - that etime0510 12/08/19 11:44:12 AM
#415   I would like to assume that the NOL's propert 12/08/19 11:40:05 AM
#414   Yes, thank you!! propert 12/08/19 11:36:02 AM
#413   That is not what I was insinuating - etime0510 12/08/19 11:13:30 AM
#411   I wonder why propert left out all that The Rainmaker 12/08/19 11:07:14 AM
#410   Also, just got around to skimming the document etime0510 12/08/19 11:03:17 AM
#409   “The bid of approximately $50 million, subject to etime0510 12/08/19 10:42:26 AM
#407   Here's yesterday's piece of unfortunate news, for those propert 12/08/19 08:17:26 AM
#406   This continues to play out mostly just like propert 12/08/19 08:07:57 AM
#405   You had said "usually get 50 cents on propert 12/08/19 08:05:22 AM
#404   You disagree with the numbers? What do you arrive alexjames81 12/08/19 06:48:55 AM
#403   Yes, DESTQ will explode in the coming week! Value_Investor 12/07/19 11:52:59 PM
#402   Thank you Humbert, that is the kind of propert 12/07/19 10:29:40 PM
#401   Forgive any misunderstanding, but I don't know what propert 12/07/19 10:20:55 PM
#400   For example, I think we can safely assume Humbert 12/07/19 10:05:02 PM
#399   Let's be honest: These private equity firms usually Humbert 12/07/19 09:50:20 PM
#398   Frankly, we don't exactly have a clear idea Humbert 12/07/19 09:47:48 PM
#397   Thats why the stalking horse bid was raised The Rainmaker 12/07/19 09:35:44 PM
#396   Recap: You lost your ass here and are The Rainmaker 12/07/19 09:18:19 PM
#395   Recap: propert 12/07/19 09:13:00 PM
#394   There is zero chance that the 58M+ entirely propert 12/07/19 09:05:44 PM
#392   $750 is a small fortune in some Countries. The Rainmaker 12/07/19 08:54:23 PM
#389   American airlines and Cemja are two examples of The Rainmaker 12/07/19 08:44:14 PM
#388  Restored Thank you for your information. However, I am propert 12/07/19 08:37:36 PM