99 Cents Only Stores has hired Guggenheim Partners to help restructure its $1 billion in debt, according to two people with knowledge of the matter, becoming the latest retail chain seeking assistance with a borrowing wall.
The deep-discount retailer, which was taken private by Ares Management and Canada Pension Plan Investment Board in 2011, also brought in law firms Proskauer Rose LLP and Milbank Tweed Hadley & McCloy LLP, said the people, who asked not to be identified because the deliberations are private.
99 Cents Only Stores joins a parade of retailers facing a menacing debt burden this year. Earlier this week, Toys R Us Inc. filed for bankruptcy. That chain was torpedoed by more than $5 billion in debt, which required …
Read the full article at: https://www.bloomberg.com/news/articles/2017-09-20/99-cents-only-stores-is-said-to-hire-advisers-as-debt-wall-looms