Our Case Studies

Tabi operated a retail clothing store chain with 107 leased /our-firms in malls in all Canadian provinces, except Québec, selling women’s clothing and related accessories. Tabi employed approximately 1,300 employees.

In January 2010, Farber acted as Trustee under a BIA Proposal. This resulted in the company restructuring its balance sheet. About one year later, despite the efforts of its Chief Restructuring Officer, Tabi continued to underperform. The private secured lender/equity withdrew their financial support to the company, necessitating a second, urgent filing under the BIA.

The ensuing liquidation of inventory, fixtures and IP assets at the remaining 70 retail /our-firms maximized recoveries to the secured lenders.

Administration of Mostyn's, a curtain and soft furnishing retailer that has been trading since 1950 and has an annual turnover of £7m. The company employed 128 staff at its 35 retail outlets and 59 at its head office and manufacturing operation.

Despite a good reputation and solid underlying business and sales, difficult trading conditions together with the costs of dealing with certain historical problems, including onerous property leases, has resulted in the company being put into Administration.

Our team managed to sell the company, preserving the business as a going concern and safeguarding the majority of jobs.

Administration and pre-pack sale of Shakeaway, a national milk shake bar chain with 55 owned and franchised stores across the UK and overseas.

This is a £4.6 million turnover business that faced a number of challenges dues to the economic downturn, decline in the retail market and lack of available equity investment.

This resulted in the business being restructured via an immediate sale out of Administration to lose loss making outlets.

President Stores had traded for over fifty years as a high-end ladies fashion retailer, but as a result of reduced sales, poor credit and declining profit margins, they experienced financial difficulties and commenced with Business Rescue proceedings.

Unprofitable stores were closed, and various stores were sold, as well as initiating and intensive debt collection process.

The outcome was that secured creditors were paid in full, and a successful business rescue was achieved.

Matuson & Associates received the Turnaround Management Association of South Africa runner up award in the small to medium Business Rescue category in 2014 for this successful Business Rescue.

This retail entertainment company was placed in Business Rescue, primarily due to a depressed economic climate, specifically within discretionary retail product categories such as music, gaming and movies.

As a result of the majority of the 25 stores no longer trading profitably, leases were cancelled or renegotiated and the head office was relocated, thereby decreasing monthly fixed costs.  Retrenchment of staff and where possible voluntary retrenchment agreements were entered into with full severance being paid, and inventory was consolidated.

To make the Plan attractive to ensure its successful adoption and implementation, a cash contribution was secured from the shareholder.

This successful restructuring allowed the company to continue to exist on a solvent basis. Creditors received a higher dividend than they would have received in the event of liquidation and approximately 240 jobs were saved.

The company, a national discount chain selling a wide range of merchandise experienced losses as a result of a combination of factors including increased distribution costs, margins steadily declining, the recession and downturn in the global economy and increased competition. 

Matuson & Associates were able to secure post commencement funding (PCF) to continue trading, and maintained continuity of stock from suppliers.

The business was successfully sold with value being realized for creditors in excess of what would have been achieved in a liquidation.

Matuson & Associates received the Turnaround Management Association of South Africa runner up award in the medium to large Business Rescue category in 2014 for this successful Business Rescue.

Ellerine Furnishers (Pty) Ltd, a retailer of furniture and household appliances , commenced with Business Rescue in 2014. This has been the largest Business Rescue to date, based on the Public Interest score of the Company. The firm employed almost 8000 people and had operations in six African countries, comprising over 1000 stores.

In 2010 the provision of credit and financial services component was sold to African Bank. This resulted in a significant decrease in the Company’s income and profitability. A decision was taken that no further funding would be provided by ABIL or African Bank in August 2014 and it was thereafter resolved to place the company into Business Rescue.

Ellerine Furnishers held a deposit of R472million with African Bank that would have been utilised as Post Commencement Funding (PCF). However, the Bank was placed under Curatorship less than a week after the commencement of the Business Rescue. With no accessible funds in the bank accounts, there was an urgent need to secure PCF

PCF was eventually secured after extensive discussions with African Bank. Store closures, realisation of stock and sales of part of the business have all been carried out, saving approximately 2000 jobs to date.

The dividend paid to creditors to date has far exceeded the ‘best case’ dividend that creditors would have received in liquidation and it is estimated that the final dividend will be approximately 42c in the Rand.