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Case Study: Merry-Go-Round Enterprises Inc.

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Case Study: Merry-Go-Round Enterprises Inc.
Weeks before Christmas 1993, retailer Merry-Go-Round Enterprises Inc. was in trouble. Its stores catering to teenagers were eerily empty, thanks to an ill-timed bet on bell-bottom trousers and oversized hip-hop clothes. As losses piled up and suppliers threatened to bolt, the company turned to a newly hired law firm to find turnaround experts who could save it. The lawyers' recommendation: Bring in consultants from Ernst & Young.
To worried creditors, the solution for Merry-Go-Round was obvious: Close hundreds of money-losing stores as fast as possible, to stop hemorrhaging cash. Time is of the essence when a retailer gets in trouble, and one that is in Chapter 11 of the bankruptcy act -- as Merry-Go-Round soon was -- is free to break store
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