Willkie guided Value City through liquidation process, and helped it to achieve unexpectedly high returns for its creditors.
On May 13, the United States Bankruptcy Court for the Southern District of New York confirmed the chapter 11 plan of liquidation for Willkie client Value City Department Stores. Value City operated a full-line, value-price retailer which carried men’s, women’s and children’s apparel, accessories, jewelry, shoes, home fashions, and seasonal items in the Midwest, Mid-Atlantic and Southeastern United States for over 80 years, and decided to liquidate its operations in 2008. Willkie guided the company through this process, and helped it to achieve unexpectedly high returns for its creditors. The matter was handled by partner John Longmire and associates Lauren Cohen and Andrew Sorkin.