FULLBEAUTY Brands Holdings Corp. and nine affiliates filed Chapter 11 in the Southern District of New York to implement a prepackaged balance-sheet restructuring backed before filing by 100% of FILO lenders, about 99% of first lien lenders, and about 95% of second lien lenders. CFO Robert Riesbeck said the plan targeted roughly $900 million of funded-debt reduction and $35 million of new money, with the cases built around a prepetition RSA rather than an open-ended sale or operating wind-down source filing source filing.

The debtor group operated a direct-to-consumer plus-size apparel platform with no brick-and-mortar stores, seven proprietary brands including Woman Within, Roaman’s, Jessica London, Swimsuits for All, KingSize, Brylane Home, and Ellos, and about 70% online penetration in 2018. At filing, the group employed about 1,665 people, including roughly 461 employees covered by a Workers United collective bargaining agreement, and carried about $1.271 billion of funded debt: $68.9 million ABL, $75.0 million FILO, $781.6 million first lien, and $345.0 million second lien source filing.