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TMA NextNews Brought to You By:
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TMA NextGen Launches in South Africa
Last month saw the official launch of the TMA-SA NextGen group in Johannesburg, South Africa. This marks the launch of the first NextGen group on the continent and sparked great excitement around the possibilities for growth. The event was attended by over 50 participants, including the TMA-SA chapter CEO, Alastair Macduff.
The South African NextGen currently consists of over 30 members, from mainly the Johannesburg and Pretoria region with the chapter expecting this number to double by the end of year. The launch also preludes the TMA-SA's registration as a professional body in the next few months.
Many thanks to the organisers Wesley Rosslyn-Smith ([email protected]) and Abdul Osman ([email protected]) for successfully launching the group and igniting immense enthusiasm around TMA NextGen.
The next TMA NextGen event is already planned for August where it hopes to keep up the momentum from the launch and continue to expand its membership base.
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2017 TMA Network of Women Summit
On Tuesday, May 16, TMA Network of Women (NOW) held its 2017 Summit at the Conrad Hotel in Chicago. For the first time, the TMA NOW Summit was open to any TMA NOW members who wished to attend and almost 100 women and men from throughout the United States and Canada turned out for an afternoon of networking and education. The Summit kicked off with a networking lunch. Following lunch, Sangita Kasturi, CEO of Action Inclusion, and Dawn Sweeney, President and CEO of the National Restaurant Association, curated a lively discussion on Unconscious Bias. The second panel brought together Maria Arnoudona (McKinsey Recovery & Transformation Services), Marsha Cruzan (Chicago Market President & Regional President for Illinois, Michigan and Wisconsin; US Bank), and Laura Davis Jones (Partner; Pachulski Stang Ziehl & Jones LLP) for a discussion about rainmaking within the restructuring industry, which was moderated by Laura Appleby, a partner at Chapman & Cutler LLP. Following the panels, all attendees gathered for a networking reception. The 2018 TMA NOW Summit will be held in Chicago on May 8, 2018. |
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Industry Spotlight: Retail
Is reorganization the last place to set up shop?
By: Wesley Rosslyn-Smith, University of Pretoria & Benjamin Steele, Prime Clerk
Stuttafords was once the go-to department store in South Africa, much like Bloomingdale's in New York and Selfridges in London. For over 150 years the company has epitomised branded luxury and curated heritage in the region. But its star began to wane in at the turn of the century, along with other department store formats. In October last year, the company filed for business rescue (the newly promulgated formal turnaround procedure similar to Chapter 11's reorganization). In the year to June 2015, it made a loss of R59.8 million as a result of rising operating expenses and finance costs. It extended losses in the year to June 2016, clocking up a loss of R46.5 million.
Stuttafords is, however, not alone. The department store business model has engulfed a number of well-established retailers around the world. The model permanently reshaped shopping habits toward the middle of the 19th century. In the 1970s however, they came under heavy pressure from discounters, and in recent years online stores such as Amazon and specialty boutiques for the ultra-brand conscious have added pressure. Last year the Dutch retail chain V&D collapsed after nearly 130 years of business, bringing about 10,300 jobs to an end. So far this year, several U.S. department stores have announced store closures, including J.C. Penney (138 stores), Macy's (68 stores) and Sears (82 stores). Altogether the departmental store format seems to be surviving on organisational inertia more than anything.
While you can blame the internet, falling retail traffic, and the trends that all brick-and-mortar retailers have to deal with, in other cases it's merely a matter of a brand once being trendy and not adapting to changing tastes. Nevertheless, it appears evident that one of the major causes of distress is strategic and that reorganisation efforts have done little to reposition departmental stores in their plans. Certain retailers like Kohl's and Sears are finding success with smaller store formats, and J.C. Penney, Macy's, and Sears all have varying levels of real estate assets that may be monetized. For Stuttafords, the verdict is still out, and it will be interesting to see if business rescue's continuation bias will result in a different future for the company.
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NextGen Birmingham Launch a Runaway Success
The Northern branch of the TMA NextGen continues to go from strength to strength. Following on from well received launch events in Leeds and Manchester, the committee expanded their reach further South and successfully launched in Birmingham on Wednesday 3rd
May 2017.
A large number of professionals turned out for the launch event at Purecraft Bar & Kitchen, where they were treated to a fascinating talk by record setting jockey, Hayley Turner OBE (kindly sponsored by Shawbrook Business Credit) and enjoyed an array of craft beers and nibbles (courtesy of European Valuations).
Hayley delighted the assembled guests with tales of her illustrious racing career and its numerous and impressive successes, including; victory riding a horse owned by Her Majesty the Queen, being the first female jockey to record 100 wins in a season and her own personal highlight, getting a laugh out of TV stars Ant & Dec (on camera).
Hayley inspired attendees with her story of triumph in the face of adversity. From overcoming a series of injuries (including broken ankles, a broken back, a crushed pelvis and a few severe head injuries), to shattering gender biases by winning (repeatedly) in a male dominated sport!
Hayley talked at length about her struggles to (pardon the pun) get back on the horse, after a brutal accident put her out of action for over twelve months. The physical injuries healed relatively quickly but overcoming the mental hurdles; recovering the racing mind set and putting herself back into harm's way, they were the real challenges. When asked how she managed to storm back to victory after everyone involved in the sport had written her off, her answer was reassuringly simple; hard-work and determination.
Hayley is a shining example of what can be achieved with the right attitude, a modest but powerful takeaway point for all those who attended. Unfortunately, Hayley's top tip for the 2000 Guineas at Newmarket was less rewarding however, with the favourite Churchill romping to victory leaving her 14/1 suggestion just outside of the places. Well, the underdog can't win them all.
Special thanks once again to Hayley and to our sponsors Shawbrook and European Valuations. The nextGen North continues its launch tour, travelling to Newcastle on Thursday 15th June 2017. We look forward to seeing you there.
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Registration Open for the 2017 TMA NextGen Leadership Meeting
If you are a Chapter NextGen representative or are on a TMA Global NextGen Committee, you're automatically invited to register for the 2017 TMA NextGen Leadership Meeting taking place December 7-9 in Chicago at the offices of Neal, Gerber & Eisenberg LLP.
Otherwise, this is an invite-only event. Please contact your Chapter President if you are interested in attending.
Conference highlights include:
- Dine around
- Professional development training
- Chapter development training
- Numerous scheduled and unscheduled networking opportunities
- Community service project
- And more!
Hotel Information
LondonHouse Chicago
Call: 312-357-1200 (Mention Turnaround Management Association)
Room Rate: $109 plus taxes
Deadline: November 6, 2017
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Thank You Sponsors
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Turnaround Management Association is the leading organization dedicated to corporate restructuring, turnaround management, and distressed investing. Established in 1988, TMA has more than 8,300 members in 55 chapters around the world.
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