Cowles & Thompson, P.C.

10/13/2026

The Retail & Bankruptcy Update from Bill Siegel, inc; AMC Entertainment, LIV Golf, Leslie’s Pools, & Toys “R” US.

The Texas Restaurant Association economic report found most operators under financial pressure (costs for food, labor, OpEx) while traffic & sales improved modestly. Texas had a higher number of closures than any other state. https://www.expressnews.com/business/article/san-antonio-restaurants-closures-rising-costs-22416206.php

Gordon Companies Inc., owner of e-commerce platforms Christmas Central, Christmas.com, & Northlight, filed Ch. 11 bankruptcy. Court records indicate the company owes $32.2M to 458 creditors, including FedEx, UPS, Microsoft, Pepsi. https://www.the-independent.com/us/money/christmas-retailer-bankruptcy-gordon-companies-b3053623.html

US retail sales rebounded sharply in August (up 1.2%, largest increase since March) as households boosted purchases & restaurant/bar spending, reinforcing the economy's resilience amid consumer anxiety about inflation. https://www.reuters.com/business/retail-consumer/us-retail-sales-rebound-sharply-august-2026-09-16/

AMC Entertainment Holdings aims to refinance its borrowings with nearly $4B in new financing, taking advantage of revived ticket sales from summer blockbusters to address its balance sheet. The company announced it has launched a sale of $2B in secured bonds maturing in 2031. https://www.wsj.com/pro/bankruptcy/amc-seeks-4-billion-debt-overhaul-as-box-office-rebounds-8465a850

Swimming pool retailer Leslie’s filed Ch. 11 bankruptcy aiming to eliminate roughly 90% of its $1.2B debt with approximately $757M in long-term debt. The company filed bankruptcy with an agreement of more than 80% of its existing lenders to cut $685M funded debt in exchange for control of the business. https://www.wsj.com/pro/bankruptcy/leslies-files-for-chapter-11-to-cut-debt-hand-control-to-lenders-25835173?st=SMyJKq

The PGA Tour is not considering a returning-member program for LIV Golf players to return to the circuit as Brooks Koepka did in January. LIV's bankruptcy filing left the playing futures of the circuit's biggest names in doubt. Major champions Jon Rahm & Bryson DeChambeau were listed as top unsecured creditors, each ⁠owed more than $5M. https://www.abc.net.au/news/2026-09-16/pga-tour-liv-golf-return-program-brooks-koepka/107157740

LIV secured a possible $300M in financing from BC Partners Credit to try to launch the 2027 season. It’s unclear how much of the $300M LIV requires to start next year's schedule, & which players will start. https://www.bbc.com/sport/golf/articles/ckjwe02v4xdlo

Formerly bankrupt Toys"R"Us announced 120 new standalone US stores for the holiday season. The rollout is in partnership with Go! Retail Group. It will bring the brand's total standalone count to 160. The expansion comes as Toys"R"Us continues to rebuild its US presence after its 2017 bankruptcy. https://finance.yahoo.com/small-business/articles/toys-r-us-opening-120-124404983.html

The expansion, done in partnership with Go! Retail Group, will bring the toy retailer's standalone U.S. store count to 160 locations

10/08/2026

ICYMI, we are pleased to congratulate our 2026 Super Lawyers and Rising Stars honorees. We are fortunate to have a strong team of attorneys whose achievements and abilities are recognized every year.

Learn more here: https://www.cowlesthompson.com/resources/updates/honors/2026-super-lawyers-honors-12-cowles-thompson-attorneys/

09/30/2026

What is Mediation when it comes to Family Law? Lené Alley DeRudder recently launched her Mediation practice as part of her comprehensive experience in Family Law litigation, Mediation, & Collaborative Divorce.

She is licensed in Texas and New York.

Learn more & book a mediation here: https://www.cowlesthompson.com/divorce-family-law-mediation/

09/29/2026

The Bankruptcy Update via Bill Siegel, inc: LIV Golf, Dish Network, Leslie’s Pools, CVS, & Serta.

Dish Network creditors demand an outside trustee take over the wind-down of its 5G business & removal of the law firm guiding the company through Ch. 11 bankruptcy. They allege that the lawyers favor its parent company EchoStar Corp and a trustee is needed to protect creditors’ interests. https://www.bloomberg.com/news/articles/2026-09-08/dish-creditors-allege-conflicts-seek-trustee-for-5g-wind-down

Although 26 freight carriers filed for bankruptcy in Q2 as transportation lending remained tight, carrier exits bode well for the industry’s overall recovery. The 26 filings are down from 38 in Q1 — the highest quarterly count since External Financing Needed’s tracking began — but up from 20 in Q2 2025. https://equipmentfinancenews.com/news/transportation/26-freight-companies-filed-for-bankruptcy-in-q2/

Swimming pool retailer Leslie’s prepares to file for Ch. 11 bankruptcy after struggling with declining sales following a pandemic-induced boom. A group of existing lenders has agreed to provide roughly $100M in debtor-in-possession financing to fund the operations and the costs of the bankruptcy case. https://www.wsj.com/pro/bankruptcy/leslies-prepares-chapter-11-filing-as-soon-as-next-week-in-houston-a2e04917?st=XuXLfw

CVS Health Corp. subsidiary Omnicare LLC won approval of a wind-down bankruptcy plan after selling its business operations for $250M and resolving a nearly $1B judgment for improperly dispensing prescription drugs. Omnicare’s Ch. 11 bankruptcy plan provides for payment in full to all creditors and is slated to go into effect in October. https://news.bloomberglaw.com/bankruptcy-law/cvs-unit-omnicare-bankruptcy-plan-approved-after-sale-doj-deal

Bankrupt Serta Simmons’ Lender Invesco settled with Apollo Global after Appollo obtained a $400M judgment stemming from the bedding manufacturer’s 2020 debt restructuring deal. Invesco notified U.S. District Court for the Southern District of Texas that it was dismissing its appeal of the bankruptcy court ruling against the lenders that participated in Serta’s $1.2B out-of-court debt exchange. https://news.bloomberglaw.com/bankruptcy-law/invesco-funds-reach-settlement-in-serta-simmons-lender-appeal

After five years and approximately $5B spent, the truest picture of LIV Golf’s financial reality is finally being revealed. Court filings show the extent to which LIV has blown through the money its financial supporter, the Public Investment Fund of Saudi Arabia, provided since its 2021 inception. https://www.nytimes.com/athletic/7578470/2026/09/09/liv-golf-bankruptcy-investment-billion/?unlocked_article_code=1.AFE.hhwT.4faPU9-ONR4-&source=athletic_user_shared_gift_article_copylink&smid=url-share-ta

Player contracts are a significant portion of LIV’s liabilities, and bankruptcy allows the tour to reject those it sees as unfavourable.

09/25/2026

🌶️ Jack Beesley is a seasoned Of Counsel attorney in the Cowles Thompson Family Law and Commercial/Business Litigation practice areas. He was selected for inclusion to the 2026 Super Lawyers® list and also featured in their annual Super Lawyers® magazine -- where they noted his legal experience...plus, his almost 20 years as a drummer in the band, "Pepper Theft."

Article: https://www.superlawyers.com/articles/texas/structure-and-release/

Jack's bio: https://www.cowlesthompson.com/attorneys/jack-beesley/

09/25/2026

When a landlord files bankruptcy, what are the tenant's obligations and choices regarding the lease and performance? Bankruptcy & Creditors' Rights attorney, Bill Siegel, explains in his article: Commercial Tenant Rights When the Landlord Files Bankruptcy.

Learn more:

Bill Siegel explains a tenant's rights if a commercial landlord files bankruptcy - obligations, choices, and what happens if the lease is assumed/assigned.

09/24/2026

The Family Law attorneys at Cowles Thompson strive to assist each client in understanding the unique issues involved in their particular case while at the same time working to achieve an equitable legal outcome. We understand that in many cases, we are the only voice for our clients.

Learn more: https://www.cowlesthompson.com/practice-areas/family-law-attorney/

09/22/2026

The Bankruptcy Update by Bill Siegel inc: Wendy’s, the Kennedy Center, LIV Golf, trucking, & more.

A Wendy's franchisee that operates 314 restaurants in 15 states to file bankruptcy. The company anticipates normal restaurant operations during restructuring. https://thehill.com/newsletters/business-economy/6098417-wendys-franchisee-with-hundreds-of-locations-across-15-states-files-for-bankruptcy/

The Kennedy Center for the Performing Arts in on the brink of bankruptcy and adding the president’s name to the façade and ensuring his fundraising may be the only means to avoid “certain fiscal collapse;” payroll may be in jeopardy. The board will consider means to address financial & physical crises. https://www.usatoday.com/story/news/politics/2026/09/13/kennedy-center-bankruptcy-donald-trump-name/91752682007/

US manufacturing activity eased in August after strong July growth with new orders slowing and input prices remaining high amid persistent supply-chain strains. Manufacturers worry higher prices related to the Mid East conflict & AI pressures will hinder sales. https://money.usnews.com/investing/news/articles/2026-09-01/us-manufacturing-activity-slows-in-august-input-prices-still-elevated

7Brew coffee parent Brew Culture successfully bid for the sale of 73 Salad and Go sites in AZ, NV, TX, & OK. Salad and Go announced closings & Ch. 11 bankruptcy last month. https://www.12news.com/article/money/business/7-brew-coffee-chain-declared-successful-bidder-in-auction-for-salad-and-go-locations-arizona/75-8d041a2e-3f75-4c18-be27-9bf2fd26ff09

LIV Golf has obtained bankruptcy court interim approval allowing it to access $14M of debtor-in-possession financing & continue pursuing a recapitalization plan backed by BC Partners Credit; to continue paying employees, & make some payments to vendors & other business partners. https://www.straitstimes.com/sport/golf/liv-golf-wins-interim-court-approval-to-access-14-million-in-bankruptcy-financing?ref=latest

Francesca’s confirmed its Ch. 11 liquidation plan but was unable to receive qualified bids for its IP aside from the offer made by its parent company for $7M. https://www.retaildive.com/news/francescas-ch-11-liquidation-plan-confirmed-bankruptcy/829911/

Late July through August saw 21 transportation & logistics-related companies file Ch. 7 liquidations or Ch. 11 protection. The companies range from single-truck carriers to national distributors. The largest, BFG Supply Co., estimated assets & liabilities between $100M-$500M & more than 100,000 creditors.
https://www.freightwaves.com/news/freight-bankruptcies-pile-up-as-carriers-logistics-firms-seek-court-protection

The 4th-largest US franchisee of Popeyes Louisiana Kitchen & two different Hardee’s Restaurants franchisees that collectively operated more than 100 locations are among several notable QSR bankruptcy filers. https://news.bloomberglaw.com/bankruptcy-law/fast-food-bankruptcies-surge-as-costs-climb-consumers-pull-back

Regional operators of major fast-food brands like Popeyes and Subway are part of a surge in restaurant bankruptcy filings in the face of elevated costs for food, rent, and employee wages.

09/18/2026

Congratulations to our 2026 Super Lawyers and Rising Stars honorees! We are fortunate to have a strong team of attorneys whose achievements and abilities are recognized every year.

Learn more here: https://www.cowlesthompson.com/resources/updates/honors/2026-super-lawyers-honors-12-cowles-thompson-attorneys/

Our 2026 Super Lawyers include Jack Beesley, Brian Farrington, Claire E. James, David Johnson, Tony Mallers, David Metzler, Michael Northrup, John Pease, Bill Siegel. Our 2026 Rising Stars include Helen Emerson, Frankie Picone, and Lauren Cox Vossen.

09/16/2026

ICYMI, we are pleased to share that 11 of our attorneys were recently honored by Best Lawyers® for their work across 14 practice areas. 10 attorneys were named to the list of Best Lawyers, and 1 to the list of Ones To Watch.

Learn more:
https://www.cowlesthompson.com/resources/updates/honors/best-lawyers-2027-honors-11-cowles-thompson-attorneys/