Work on Z Gallerie Wins Third Award

October 2010

On October 7, the Turnaround Management Association (TMA) honored the five 2010 Turnaround of the Year Award recipients at its annual convention in Orlando. 

In the "Mid-Size Company" category, the firm was recognized for representing Z Gallerie in its chapter 11 reorganization. The PSZJ team was comprised of attorneys Jeffrey Dulberg, Scotta McFarland, Teddy Kapur and Mary Lane. From the TMA press release:

Z Gallerie, a family-owned home furnishings and decorative accessories retailer, was affected particularly hard by the recent economic downturn. With the help of their turnaround team, they refocused their sourcing, merchandising and pricing efforts to restore gross margins to historical levels (better than 50 percent) and reduce mark-down dependency. Z Gallerie emerged from Chapter 11 and delivered a 2009 EBITDA of $5.2 million, a 211 percent improvement over 2008. 

The TMA Turnaround of the Year Award is the third prestigious recognition of the Z Gallerie reorganization.  In June, Global M&A Network's Distressed M&A Deal Forum recognized the Z Gallerie reorganization as a Corporate Turnaround of the Year and in March, The M&A Advisor awarded it a Deal of the Year Award.

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