Pivot Points Newsletter: January 2022

    coronavirus corona virus

    Supply chain: The Scrooge that almost stole Christmas

    Many retailers and mall operators had hoped this holiday season would help them bounce back from the challenges the COVID-19 pandemic introduced. However, because of continued supply chain challenges, inflation, and Omicron, the holiday season unfortunately turned out to produce the opposite results for some, and left many frustrated at the thought of what could have been.

    Q&A: How restaurants can navigate pandemic-related challenges

    The pandemic created many challenges for those in the restaurant industry. In this Q&A, Joe Soccodato, CPA, Managing Director in CohnReznick’s Restructuring and Dispute Resolution practice, offers some tips on how to navigate these challenging times as well as some insight into what the future may hold.

    Case studies

    Grocery Chain

    Background: A leading New York-based supermarket/restaurant chain with annual revenues exceeding $275 million had to manage through the most unsettling time in its history, the COVID-19 pandemic.

    Our role: Served as CFO

    Results: Revenue grew by over 35% and two completely new revenue streams were implemented (curbside and e-commerce).

    • EBITDA increased by 80% and gross margins improved by 150 basis points
    • Payroll as a percentage of sales decreased by 200 basis points

    International High-End Restaurant Chain

    Background: A leading Los Angeles-based upscale restaurant chain, with locations around the world, had difficulties with its main lender due to weakened results attributable to COVID-19, and a lack of timely, accurate and meaningful financial reporting.

    Our role: Financial Advisor

    Results: The company’s reporting, both weekly and monthly, improved immediately, and as a result, a forbearance agreement was signed.

    • ~$750K in EBITDA improvements were identified

    Upcoming events

    AIRA/NYIC - 2022 Annual AIRA & NYIC Event (Jan. 19) – Attending, Panelist

    SFNet - Asset-Based Capital Conference (Feb. 8-9) – Sponsoring/Attending

    TMA - 2022 Distressed Investing (Feb. 8-11) – Attending

    Structured Finance Association (Feb. 27-Mar. 2) – Attending

    IMN Bank Special Assets & Credit Officers Forum (Mar. 16-17) – Attending

    SFNet - Independent Finance Roundtable (Apr. 5-7) – Attending

    Recent engagements

    State of Connecticut; Our role: Conduct an analysis of every town’s use of federal CARES Act funding

    Brand Acquirer; Our role: Operations advisor for pre-deal diligence and post-deal implementation for an international brand acquirer

    Paper Distributor; Our role: Perform a refinancing of $160 million asset-based loan facility

    Farm Products Retailer; Our role: Assist in strategic transaction on both a pre-deal and post-deal basis

    Biomedical Company; Our role: Perform a multi-year royalty and contract compliance audit for a manufacturer of injectable products used to treat ailments including kidney disease, dental bone grafting, and bone regeneration products and pain medications


    Get in touch with our specialists

    View All Specialists
    kevin clancy

    Kevin Clancy

    CPA, JD, CIRA, CFF, CTP, Global Director, Restructuring and Dispute Resolution Practice

    Looking for the full list of our dedicated professionals here at CohnReznick?



    Let’s start a conversation about your company’s strategic goals and vision for the future.

    Please fill all required fields*

    Please verify your information and check to see if all require fields have been filled in.

    Please select job function
    Please select job level
    Please select country
    Please select state
    Please select industry
    Please select topic

    Supply Chain: The Scrooge That Almost Stole Christmas


    Q&A: How Restaurants Can Navigate Pandemic-Related Challenges


    Coronavirus Resource Center

    News Latest Media Commentary, Press Releases, & Industry Awards

    speedometer dashboard

    The C-Suite Dashboard Keep Your Business Moving Forward


    Inside Infrastructure: U.S. Infrastructure Plan Resource Center

    This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.