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09/29/2021

For restructuring awards, make it three for A&G

Al Urbanski
Real Estate Editor & Manager
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Tuesday Morning
A&G helped Tuesday Morning save $75 million in rent and stay alive.

A&G Real Estate Partners has been honored a third time for its part in the restructuring of Tuesday Morning and GNC, this time with a Turnaround Award from M&A Advisors.

The Turnaround Management Association and the Global M&A Network conferred the two previous awards upon A&G, which helped the two retailers emerge from Chapter 11 during the COVID-19 pandemic.

For GNC, A&G restructured more than 1,175 leases, saving the company $170 million. The nationwide supplier of vitamins and nutritional supplements was able to emerge from bankruptcy through a $770 million sale to China-based Harbin Pharmaceutical Group.

Tuesday Morning, which filed for Chapter 11 bankruptcy protection in May of 2020, used A&G to help optimize its real estate portfolio and emerge with 490 top-performing stores. A&G’s success in restructuring go-forward leases for those locations gave the off-price home goods retailer rent savings of approximately $75 million.

"We are pleased to have been part of this well-coordinated, multidisciplinary team effort, and are grateful for the impact that this project has had in the turnaround and restructuring community," said A&G co-president Andrew Graiser. "The stakeholders here all understood one of the fundamentals of our approach at A&G—namely, that maximizing real estate is absolutely essential to the success of any retail restructuring."