Attached files
file | filename |
---|---|
EX-99.1 - EX-99.1 - Centric Brands Inc. | tmb-20200921xex99d1.htm |
8-K - 8-K - Centric Brands Inc. | tmb-20200921x8k.htm |
Exhibit 99.2
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
Monthly Operating Report
For the Period Ending August 31, 2020
REQUIRED DOCUMENTS |
| Form No. |
| Document |
| Explanation |
Schedule of Cash Receipts and Disbursements | | MOR-1 | | X | | |
Bank Reconciliation (or copies of debtor's bank reconciliations) | | MOR-1a | | X | | |
Declaration Regarding the Bank Reconciliation | | MOR-1a(Dec) | | X | | |
Schedule of Cash Disbursements by Legal Entity | | MOR-1b | | X | | |
Declaration Regarding the Schedule of Cash Disbursements | | MOR-1b(Dec) | | X | | |
Copies of Bank Statements | | | | | | |
Cash Disbursements Journals | | | | | | |
Statement of Operations | | MOR-2 | | X | | |
Balance Sheet | | MOR-3 | | X | | |
Status of Post-Petition Taxes | | MOR-4a | | X | | |
Declaration Regarding the Status of Post-Petition Taxes | | MOR-4a(Dec) | | X | | |
Copies of IRS Form 6123 or payment receipt | | | | | | |
Copies of tax returns filed during reporting period | | | | | | |
Summary of Unpaid Post-Petition Debts | | MOR-4 | | X | | |
Accounts Receivable Reconciliation and Aging | | MOR-5 | | X | | |
Payments to Insiders and Professionals | | MOR-6 | | X | | |
Debtor Questionnaire | | MOR-7 | | X | | |
This Monthly Operating Report ("MOR") has been prepared solely for the purpose of complying with the monthly reporting requirements applicable in the Debtors' chapter 11 cases and is in a format acceptable to the United States Trustee. The financial information contained herein is limited in scope and covers a limited time period. Moreover, such information is preliminary and unaudited, and is not prepared in accordance with U.S. GAAP.
I declare under penalty of perjury (28 U.S.C. §1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
/s/ Anurup Pruthi |
| 9/15/2020 |
Signature of Authorized Individual | | Date |
| | |
Anurup Pruthi | | Chief Financial Officer |
Printed Name of Authorized Individual | | Title of Authorized Individual |
1
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
General Notes
For the Period Ended August 31, 2020
Debtor-in-Possession Financial Statements
The financial statements and supplemental information contained herein are unaudited, preliminary, and may not comply with generally accepted accounting principles in the United States of America ("U.S. GAAP") in all material respects.
The unaudited financial statements have been derived from the books and records of the Debtors. This information, however, has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Debtors believe that the financial information is subject to changes, and these changes could be material. The information furnished in this report includes preliminary normal recurring adjustments.
The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and may not necessarily reflect the results of operations, financial position and cash flows of the Debtors in the future.
The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee.
Intercompany Transactions
Intercompany transactions between the Debtors have not been eliminated in the financial statements contained herein. No conclusion as to the legal obligation related to these intercompany transactions is made by the presentation herein.
Liabilities Subject to Compromise
As a result of the chapter 11 filings, the payment of pre-petition indebtedness is subject to compromise or other treatment under a plan of reorganization. The determination of how liabilities will ultimately be settled or treated cannot be made until the Bankruptcy Court approves a chapter 11 plan of reorganization. Accordingly, the ultimate amount of such liabilities is not determinable at this time. Pre-petition liabilities that are subject to compromise have been reported at the amounts expected to be allowed as claims, even if they may be settled for lesser amounts. The amounts currently classified as liabilities subject to compromise are preliminary and may be subject to future adjustments depending on Court actions, further developments with respect to disputed claims, determinations of the secured status of certain claims, the values of any collateral securing such claims, rejection of executory contracts, continued reconciliation, or other events.
2
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-1 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
(US Dollars)
Debtor |
| Case Number |
| | Cash Receipts |
| | Cash |
KHQ Investment LLC | | 20-22661 | | $ | - | | $ | 6,878,443.39 |
Centric Denim USA, LLC | | 20-22647 | | | - | | | 1,438,151.70 |
Rosetti Handbags and Accessories, Ltd. | | 20-22669 | | | - | | | 4,353,134.07 |
F&T Apparel LLC | | 20-22655 | | | - | | | 4,908,772.73 |
Centric-BCBG LLC | | 20-22651 | | | - | | | 625,046.35 |
American Marketing Enterprises Inc. | | 20-22639 | | | - | | | 25,014,045.80 |
Centric Socks LLC | | 20-22649 | | | - | | | 4,643,430.37 |
Centric West LLC | | 20-22650 | | | - | | | 1,968,672.68 |
Centric Accessories Group LLC | | 20-22642 | | | - | | | 1,499,533.37 |
Centric Beauty LLC | | 20-22643 | | | - | | | 3,989,345.95 |
Briefly Stated, Inc. | | 20-22641 | | | - | | | 1,418,690.68 |
Centric Jewelry Inc. | | 20-22648 | | | - | | | 667,422.47 |
Hudson Clothing Holdings, Inc. | | 20-22657 | | | - | | | 936,001.41 |
RG Parent LLC | | 20-22664 | | | 778,193.03 | | | - |
VZI Investment Corp. | | 20-22670 | | | - | | | 1,637.34 |
Centric-BCBG Retail LLC | | 20-22636 | | | - | | | 254,471.71 |
Centric Bebe LLC | | 20-22644 | | | - | | | - |
Centric Brands Inc. | | 20-22637 | | | 11,183.50 | | | - |
DBG Holdings Subsidiary Inc. | | 20-22652 | | | - | | | - |
DBG Subsidiary Inc. | | 20-22653 | | | 309,640.82 | | | - |
Innovo West Sales, Inc. | | 20-22659 | | | - | | | - |
HC Acquisition Holdings, Inc. | | 20-22656 | | | - | | | - |
Hudson Clothing, LLC | | 20-22658 | | | - | | | 426,771.23 |
DFBG Swims, LLC | | 20-22654 | | | 31,513.22 | | | 40,979.15 |
Robert Graham Holdings, LLC | | 20-22667 | | | 1,991.10 | | | - |
Robert Graham Designs, LLC | | 20-22666 | | | - | | | 544,121.35 |
Robert Graham Retail LLC | | 20-22668 | | | 1,332,699.45 | | | - |
RGH Group LLC | | 20-22665 | | | - | | | - |
Marco Brunelli IP, LLC | | 20-22663 | | | - | | | - |
Briefly Stated Holdings, Inc. | | 20-22640 | | | - | | | - |
KHQ Athletics LLC | | 20-22660 | | | - | | | - |
Added Extras LLC | | 20-22638 | | | - | | | - |
Lotta Luv Beauty LLC | | 20-22662 | | | - | | | - |
Centric Denim Retail LLC | | 20-22646 | | | - | | | - |
Centric Brands Holding LLC | | 20-22645 | | | 143,750,374.17 | | | 47,767,112.29 |
| | | | | | | | |
Total | | | | $ | 146,215,595.29 | | $ | 107,375,784.04 |
Note
Disbursements from Centric Brands Holding LLC that were made on behalf of operating companies have been allocated to those operating companies.
3
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-1a: BANK RECONCILIATIONS
(US Dollars in Thousands)
Debtor |
| Bank Name |
| Account Description |
| Acct Number | | | GL Balance |
Centric Brands Holding LLC | | HSBC | | Main Operating Account | | 0083 | | $ | 62,958.8 |
Centric Brands Holding LLC | | HSBC | | Canadian Operating Account | | 2001 | | | 86.2 |
Centric Brands Holding LLC | | HSBC | | Utility Deposit Account | | 3226 | | | 160.0 |
Centric Brands Inc. | | PNC | | LC Account | | 6921 | | | 8,744.6 |
Centric Brands Inc. | | PNC | | LC Account | | 1712 | | | 17.9 |
DBG SUBSIDIARY INC. | | Wells Fargo | | US Retail Operating Account | | 7271 | | | - |
DBG SUBSIDIARY INC. | | Wells Fargo | | US Retail Operating Account | | 7289 | | | 73.5 |
DFBG SWIMS, LLC | | Wells Fargo | | US Retail Operating Account | | 3646 | | | 185.4 |
HUDSON CLOTHING, LLC | | Wells Fargo | | US Retail Operating Account | | 6869 | | | - |
HUDSON CLOTHING, LLC | | Wells Fargo | | US Retail Operating Account | | 6877 | | | - |
RG PARENT LLC | | Wells Fargo | | RGP LOCKBOX | | 7313 | | | - |
RG PARENT LLC | | Wells Fargo | | RGP OPERATING | | 7321 | | | 250.7 |
RG PARENT LLC | | Wells Fargo | | RGD OPERATING | | 7339 | | | 85.4 |
RG PARENT LLC | | Wells Fargo | | RGR OPERATING | | 7347 | | | - |
RG PARENT LLC | | Wells Fargo | | RGH OPERATING | | 7354 | | | 69.1 |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7131 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7149 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7156 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7164 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7172 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7180 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7198 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7206 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7214 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6943 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6950 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6968 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6976 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6984 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6992 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7008 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7016 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7024 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7032 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 7040 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6786 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6794 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6802 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6810 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6828 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6836 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6844 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 6851 | | | - |
ROBERT GRAHAM RETAIL LLC | | Wells Fargo | | ZBA Account for American Retail Sales | | 3301 | | | - |
Total | | | | | | | | $ | 72,631.6 |
4
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR 1a(Dec): DECLARATION REGARDING THE STATUS OF BANK RECONCILIATIONS OF THE DEBTORS
For the Period Ended August 31, 2020
Anurup Pruthi hereby declares under penalty of perjury:
1. | I am Chief Financial Officer of Centric Brands, Inc. In that capacity, I am familiar with the above-captioned debtors' and debtors-in-possession's (collectively, the "Debtors") day-to-day operations, business affairs and books and records. I am authorized to submit this Declaration on behalf of the Debtors. |
2. | All statements in this Declaration are true and correct to the best of my knowledge, based on my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors' operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein. |
3. | To the best of my knowledge, all of the Debtor's bank balances as of August 31, 2020 have been reconciled in an accurate and timely manner. |
Dated: September 15, 2020 | | Respectfully submitted, |
| | |
| | /s/ Anurup Pruthi |
| | By: Anurup Pruthi |
| | Title: Chief Financial Officer |
5
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR 1b - DISBURSEMENTS BY LEGAL ENTITY
(US Dollars)
Entity |
| Case Number |
| | Disbursements |
| Quarterly Fee |
KHQ Investment LLC | | 20-22661 | | $ | 16,850,612.36 | | TBD |
Centric Denim USA, LLC | | 20-22647 | | | 9,201,588.70 | | TBD |
Rosetti Handbags and Accessories, Ltd. | | 20-22669 | | | 11,500,137.43 | | TBD |
F&T Apparel LLC | | 20-22655 | | | 14,635,950.07 | | TBD |
Centric-BCBG LLC | | 20-22651 | | | 1,715,832.88 | | TBD |
American Marketing Enterprises Inc. | | 20-22639 | | | 37,326,659.77 | | TBD |
Centric Socks LLC | | 20-22649 | | | 7,889,152.53 | | TBD |
Centric West LLC | | 20-22650 | | | 4,565,586.51 | | TBD |
Centric Accessories Group LLC | | 20-22642 | | | 2,904,048.66 | | TBD |
Centric Beauty LLC | | 20-22643 | | | 6,994,620.80 | | TBD |
Briefly Stated, Inc. | | 20-22641 | | | 3,751,643.23 | | TBD |
Centric Jewelry Inc. | | 20-22648 | | | 2,011,304.62 | | TBD |
Hudson Clothing Holdings, Inc. | | 20-22657 | | | 1,668,016.39 | | TBD |
RG Parent LLC | | 20-22664 | | | 3,686.07 | | TBD |
VZI Investment Corp. | | 20-22670 | | | 3,455.45 | | TBD |
Centric-BCBG Retail LLC | | 20-22636 | | | 874,781.40 | | TBD |
Centric Bebe LLC | | 20-22644 | | | - | | TBD |
Centric Brands Inc. | | 20-22637 | | | - | | TBD |
DBG Holdings Subsidiary Inc. | | 20-22652 | | | - | | TBD |
DBG Subsidiary Inc. | | 20-22653 | | | 3,568.08 | | TBD |
Innovo West Sales, Inc. | | 20-22659 | | | - | | TBD |
HC Acquisition Holdings, Inc. | | 20-22656 | | | - | | TBD |
Hudson Clothing, LLC | | 20-22658 | | | 1,278,072.46 | | TBD |
DFBG Swims, LLC | | 20-22654 | | | 185,896.46 | | TBD |
Robert Graham Holdings, LLC | | 20-22667 | | | - | | TBD |
Robert Graham Designs, LLC | | 20-22666 | | | 1,047,365.78 | | TBD |
Robert Graham Retail LLC | | 20-22668 | | | 17,279.43 | | TBD |
RGH Group LLC | | 20-22665 | | | - | | TBD |
Marco Brunelli IP, LLC | | 20-22663 | | | - | | TBD |
Briefly Stated Holdings, Inc. | | 20-22640 | | | - | | TBD |
KHQ Athletics LLC | | 20-22660 | | | - | | TBD |
Added Extras LLC | | 20-22638 | | | - | | TBD |
Lotta Luv Beauty LLC | | 20-22662 | | | - | | TBD |
Centric Denim Retail LLC | | 20-22646 | | | - | | TBD |
Centric Brands Holding LLC | | 20-22645 | | | 103,901,144.73 | | TBD |
Total | | | | $ | 228,330,403.81 | | TBD |
Total disbursements of $228 million includes approximately $107 million disbursed from 08/01/20 to 8/31/20 and approximately $121 million disbursed from 07/01/20 to 07/31/20.
6
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR 1b(Dec): DECLARATION REGARDING THE SCHEDULE OF DISBURSEMENTS
For the Period Ended August 31, 2020
Anurup Pruthi hereby declares under penalty of perjury:
1. | For the period covered by this report, I was the Chief Financial Officer of Centric Brands, Inc. In that capacity, I am familiar with the above-captioned debtors' and debtors-in-possession's (collectively, the "Debtors") day-to-day operations, business affairs and books and records. I am authorized to submit this Declaration on behalf of the Debtors. |
2. | The Debtors submit this Declaration regarding cash disbursements in lieu of providing copies of the cash disbursements schedules. |
3. | All statements in this Declaration are true and correct to the best of my knowledge, based on my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors' operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein. |
4. | The Debtors have disbursed approximately $107 million for post-petition amounts and pre-petition amounts payable under one or more orders entered by the Bankruptcy Court for the period of August 1, 2020 through August 31, 2020. Copies of the cash disbursement schedules are available for inspection upon request by the Office of the United States Trustee. |
Dated: September 15, 2020 | | Respectfully submitted, |
| | |
| | /s/ Anurup Pruthi |
| | By: Anurup Pruthi |
| | Title: Chief Financial Officer |
7
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-2: STATEMENT OF OPERATIONS
For the Period Ended August 31, 2020
(US Dollars in Thousands)
| | | | | | | | | | | | MOR-2: STATEMENT OF OPERATIONS | | | | | | | | | | | | ||||||||||||||
| | | | | | | | | | | | For the Period Ended August 31, 2020 | | | | | | | | | | | | ||||||||||||||
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| | CENTRIC- BCBG | | CENTRIC BRANDS | | ADDED EXTRAS | | MARKETING | | BRIEFLY STATED | | BRIEFLY STATED | | ACCESSORIES | | CENTRIC | | CENTRIC BEBE | | CENTRIC BRANDS | | CENTRIC DENIM | | CENTRIC DENIM | | ||||||||||||
| | RETAIL LLC | | INC. | | LLC | | ENTERPRISES | | HOLDINGS, INC. | | INC. | | GROUP LLC | | BEAUTY LLC | | LLC | | HOLDING LLC | | RETAIL LLC | | USA, LLC | | ||||||||||||
Net Sales | | $ | 3,346.4 | | $ | - | | $ | - | | $ | 32,561.6 | | $ | - | | $ | 6,096.7 | | $ | 3,697.8 | | $ | 6,785.4 | | $ | - | | $ | - | | $ | - | | $ | 8,341.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of Sales | | | (3,623.5) | | | - | | | - | | | (21,154.6) | | | - | | | (4,954.4) | | | (2,794.5) | | | (5,953.4) | | | - | | | (0.4) | | | - | | | (6,696.3) | |
Cost of Goods Sold - Standard | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Purchase Price Variance | | | 482.2 | | | - | | | - | | | 733.1 | | | - | | | 32.0 | | | 352.0 | | | 694.7 | | | - | | | - | | | - | | | 190.6 | |
Cost of Sales | | | (3,141.3) | | | - | | | - | | | (20,421.5) | | | - | | | (4,922.4) | | | (2,442.5) | | | (5,258.7) | | | - | | | (0.4) | | | - | | | (6,505.7) | |
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Royalties | | | (246.3) | | | - | | | - | | | (5,189.0) | | | - | | | (909.9) | | | (327.4) | | | (755.3) | | | - | | | - | | | - | | | (810.0) | |
Other Revenue | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | (41.2) | | | - | | | - | | | 6,951.1 | | | - | | | 264.4 | | | 927.9 | | | 771.4 | | | - | | | (0.4) | | | - | | | 1,025.3 | |
Gross Margin % | | | -1 | % | | 0 | % | | 0 | % | | 21 | % | | 0 | % | | 4 | % | | 25 | % | | 11 | % | | 0 | % | | 0 | % | | 0 | % | | 12 | % |
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Selling & Advertising Expense | | | (244.6) | | | - | | | - | | | (4.9) | | | - | | | (1.4) | | | (86.1) | | | (43.8) | | | - | | | 0.0 | | | - | | | (2.7) | |
Salaries & Benefits | | | (669.8) | | | - | | | - | | | (935.5) | | | - | | | - | | | (332.8) | | | (253.7) | | | 0.1 | | | (3,312.8) | | | - | | | (163.8) | |
Facility Expense | | | (88.5) | | | - | | | - | | | (388.4) | | | - | | | (76.1) | | | (356.9) | | | (124.8) | | | (4.9) | | | (453.6) | | | - | | | (154.8) | |
IT Expenses | | | (65.6) | | | - | | | - | | | (5.2) | | | - | | | - | | | (4.4) | | | (0.4) | | | (0.2) | | | (802.7) | | | - | | | 3.8 | |
Professional Fees | | | 12.0 | | | - | | | - | | | (40.8) | | | - | | | - | | | (7.3) | | | (2.5) | | | - | | | (762.1) | | | - | | | (5.2) | |
Other | | | (151.7) | | | - | | | - | | | 138.8 | | | - | | | (172.1) | | | (117.6) | | | (52.4) | | | 0.0 | | | (32.0) | | | - | | | (189.1) | |
Total Selling, General, & Administrative Expenses | | | (1,208.3) | | | - | | | - | | | (1,235.9) | | | - | | | (249.6) | | | (905.0) | | | (477.6) | | | (5.0) | | | (5,363.3) | | | - | | | (511.7) | |
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Operating Income (Loss) | | | (1,249.5) | | | - | | | - | | | 5,715.2 | | | - | | | 14.8 | | | 22.9 | | | 293.8 | | | (5.0) | | | (5,363.7) | | | - | | | 513.6 | |
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One Time Expenses | | | (240.0) | | | - | | | - | | | 187.6 | | | - | | | (7.7) | | | (40.3) | | | (3.6) | | | - | | | (7,249.7) | | | - | | | 422.5 | |
Interest | | | - | | | - | | | - | | | (0.0) | | | - | | | - | | | (0.0) | | | - | | | - | | | (9,161.9) | | | - | | | (0.0) | |
Depreciation & Amortization | | | (40.8) | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | (7,342.5) | | | - | | | (4.0) | |
Taxes | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | $ | (1,530.3) | | $ | - | | $ | - | | $ | 5,902.8 | | $ | - | | $ | 7.1 | | $ | (17.5) | | $ | 290.2 | | $ | (5.0) | | $ | (29,117.8) | | $ | - | | $ | 932.1 | |
The information contained herein is provided to fulfill the requirements of the Bankruptcy Code and the Bankruptcy Rules. All information contained herein is unaudited.
8
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-2: STATEMENT OF OPERATIONS
For the Period Ended August 31, 2020
(US Dollars in Thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| HUDSON |
|
|
|
|
| ||||||||||||
| | CENTRIC | | CENTRIC SOCKS | | CENTRIC WEST | | CENTRIC-BCBG | | DBG HOLDINGS | | DBG SUBSIDIARY | | DFBG SWIMS, | | F&T APPAREL | | HC ACQUISITION | | CLOTHING | | HUDSON | | INNOVO WEST | | ||||||||||||
| | JEWELRY INC. | | LLC | | LLC | | LLC | | SUBSIDIARY INC. | | INC. | | LLC | | LLC | | HOLDINGS, INC. | | HOLDINGS, INC. | | CLOTHING, LLC | | SALES, INC. | | ||||||||||||
Net Sales | | $ | 2,781.9 | | $ | 9,683.3 | | $ | 6,329.4 | | $ | 884.6 | | $ | - | | $ | - | | $ | 266.6 | | $ | 7,302.4 | | $ | - | | $ | - | | $ | 2,413.1 | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of Sales | | | (2,025.3) | | | (7,776.5) | | | (3,462.9) | | | (1,097.2) | | | - | | | - | | | (151.6) | | | (7,173.9) | | | - | | | - | | | (1,416.0) | | | - | |
Cost of Goods Sold - Standard | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Purchase Price Variance | | | 143.6 | | | 774.4 | | | (43.2) | | | (65.6) | | | - | | | - | | | (11.8) | | | 382.0 | | | - | | | - | | | (84.8) | | | - | |
Cost of Sales | | | (1,881.7) | | | (7,002.1) | | | (3,506.1) | | | (1,162.8) | | | - | | | - | | | (163.4) | | | (6,791.9) | | | - | | | - | | | (1,500.9) | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Royalties | | | (200.4) | | | (901.2) | | | (419.9) | | | (43.8) | | | - | | | - | | | - | | | (243.6) | | | - | | | - | | | (8.3) | | | - | |
Other Revenue | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | 699.8 | | | 1,780.1 | | | 2,403.4 | | | (321.9) | | | - | | | - | | | 103.2 | | | 267.0 | | | - | | | - | | | 903.9 | | | - | |
Gross Margin % | | 25 | % | | 18 | % | | 38 | % | | -36 | % | | 0 | % | | 0 | % | | 39 | % | | 4 | % | | 0 | % | | 0 | % | | 37 | % | | 0 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling & Advertising Expense | | | (5.8) | | | (68.1) | | | (255.3) | | | (28.6) | | | - | | | - | | | (8.4) | | | (42.1) | | | - | | | - | | | (23.0) | | | - | |
Salaries & Benefits | | | (229.9) | | | (333.6) | | | (798.7) | | | (131.6) | | | - | | | - | | | (34.8) | | | (802.9) | | | - | | | - | | | (302.1) | | | - | |
Facility Expense | | | (148.8) | | | (191.6) | | | (398.0) | | | (186.1) | | | - | | | - | | | (6.2) | | | (543.8) | | | - | | | - | | | (174.5) | | | - | |
IT Expenses | | | (3.0) | | | (2.3) | | | (21.4) | | | (5.3) | | | - | | | - | | | (4.3) | | | 1.9 | | | - | | | - | | | (47.8) | | | - | |
Professional Fees | | | - | | | - | | | (19.9) | | | (7.7) | | | - | | | - | | | (10.6) | | | (26.9) | | | - | | | - | | | (7.1) | | | - | |
Other | | | (97.6) | | | (133.4) | | | (25.5) | | | (28.1) | | | - | | | - | | | (18.1) | | | (113.7) | | | - | | | - | | | (248.9) | | | - | |
Total Selling, General, & Administrative Expenses | | | (485.2) | | | (729.0) | | | (1,518.8) | | | (387.3) | | | - | | | - | | | (82.5) | | | (1,527.4) | | | - | | | - | | | (803.3) | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Income (Loss) | | | 214.7 | | | 1,051.1 | | | 884.6 | | | (709.3) | | | - | | | - | | | 20.7 | | | (1,260.5) | | | - | | | - | | | 100.6 | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One Time Expenses | | | (209.3) | | | 21.1 | | | (243.0) | | | (165.3) | | | - | | | - | | | 2.2 | | | 4.7 | | | - | | | - | | | (23.4) | | | - | |
Interest | | | (0.0) | | | (0.0) | | | (0.0) | | | (0.0) | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Depreciation & Amortization | | | - | | | - | | | (10.2) | | | (0.2) | | | - | | | - | | | (6.6) | | | (13.1) | | | - | | | - | | | (113.8) | | | - | |
Taxes | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | $ | 5.4 | | $ | 1,072.1 | | $ | 631.3 | | $ | (874.7) | | $ | - | | $ | - | | $ | 16.3 | | $ | (1,268.9) | | $ | - | | $ | - | | $ | (36.6) | | $ | - | |
The information contained herein is provided to fulfill the requirements of the Bankruptcy Code and the Bankruptcy Rules. All information contained herein is unaudited.
9
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-2: STATEMENT OF OPERATIONS
For the Period Ended August 31, 2020
(US Dollars in Thousands)
|
| KHQ ATHLETICS |
| KHQ |
| LOTTA LUV |
| MARCO |
| |
| |
| ROBERT |
| ROBERT |
| ROBERT |
| ROSETTI |
| VZI INVESTMENT |
| |
| ||||||||||||
| | LLC | | LLC | | BEAUTY LLC | | LLC | | RG PARENT LLC | | RGH GROUP LLC | | DESIGNS, LLC | | HOLDINGS, LLC | | LLC | | ACCESSORIES | | CORP. | | Total | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
Net Sales | | $ | - | | $ | 29,245.5 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 3,431.9 | | $ | - | | $ | - | | $ | 8,636.6 | | $ | 63.7 | | $ | 131,868.1 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of Sales | | | - | | | (19,739.3) | | | - | | | - | | | - | | | - | | | (1,883.6) | | | - | | | - | | | (7,328.5) | | | (43.7) | | | (97,275.4) | |
Cost of Goods Sold - Standard | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Purchase Price Variance | | | - | | | 732.6 | | | - | | | - | | | - | | | - | | | 25.5 | | | - | | | - | | | (64.3) | | | 2.0 | | | 4,274.9 | |
Cost of Sales | | | - | | | (19,006.7) | | | - | | | - | | | - | | | - | | | (1,858.1) | | | - | | | - | | | (7,392.8) | | | (41.7) | | | (93,000.5) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Royalties | | | - | | | (2,682.3) | | | - | | | - | | | - | | | - | | | (0.6) | | | - | | | - | | | (145.8) | | | - | | | (12,883.8) | |
Other Revenue | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross Margin | | | - | | | 7,556.5 | | | - | | | - | | | - | | | - | | | 1,573.1 | | | - | | | - | | | 1,098.0 | | | 22.1 | | | 25,983.8 | |
Gross Margin % | | | 0 | % | | 26 | % | | 0 | % | | 0 | % | | 0 | % | | 0 | % | | 46 | % | | 0 | % | | 0 | % | | 13 | % | | 35 | % | | 20 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling & Advertising Expense | | | - | | | (211.5) | | | - | | | - | | | - | | | - | | | (110.5) | | | - | | | - | | | (34.4) | | | (0.0) | | | (1,171.2) | |
Salaries & Benefits | | | - | | | (1,696.0) | | | - | | | - | | | - | | | - | | | (792.3) | | | - | | | - | | | (294.5) | | | (263.2) | | | (11,347.8) | |
Facility Expense | | | - | | | (564.3) | | | - | | | - | | | - | | | - | | | (750.6) | | | - | | | - | | | (246.4) | | | (45.2) | | | (4,903.8) | |
IT Expenses | | | - | | | (26.8) | | | - | | | - | | | - | | | - | | | (45.3) | | | - | | | - | | | (2.7) | | | (2.6) | | | (1,034.3) | |
Professional Fees | | | - | | | (3.5) | | | - | | | - | | | - | | | - | | | (2.3) | | | - | | | - | | | (5.3) | | | - | | | (889.1) | |
Other | | | - | | | (156.9) | | | - | | | - | | | - | | | - | | | (195.8) | | | - | | | - | | | (126.6) | | | 305.9 | | | (1,414.7) | |
Total Selling, General, & Administrative Expenses | | | - | | | (2,658.9) | | | - | | | - | | | - | | | - | | | (1,896.9) | | | - | | | - | | | (710.0) | | | (5.1) | | | (20,760.9) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating Income (Loss) | | | - | | | 4,897.6 | | | - | | | - | | | - | | | - | | | (323.8) | | | - | | | - | | | 388.0 | | | 17.0 | | | 5,222.9 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
One Time Expenses | | | - | | | (263.5) | | | - | | | - | | | - | | | - | | | (24.5) | | | - | | | - | | | (113.7) | | | (33.2) | | | (7,979.2) | |
Interest | | | - | | | (0.0) | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | (0.0) | | | (9,161.9) | |
Depreciation & Amortization | | | - | | | - | | | - | | | - | | | - | | | - | | | (212.6) | | | - | | | - | | | - | | | - | | | (7,744.0) | |
Taxes | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Income | | $ | - | | $ | 4,634.1 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | (560.8) | | $ | - | | $ | - | | $ | 274.3 | | $ | (16.2) | | $ | (19,662.1) | |
The information contained herein is provided to fulfill the requirements of the Bankruptcy Code and the Bankruptcy Rules. All information contained herein is unaudited.
10
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-3: BALANCE SHEET
As of August 31, 2020
(US Dollars in Thousands)
|
| |
|
| |
|
| |
|
| AMERICAN |
| |
| | |
| | CENTRIC | | |
| | |
| | |
| | |
| | |
|
| ||
| | CENTRIC- BCBG | | CENTRIC BRANDS | | ADDED EXTRAS | | MARKETING | | BRIEFLY STATED |
| BRIEFLY STATED |
| ACCESSORIES |
| CENTRIC BEAUTY |
| CENTRIC BEBE |
| CENTRIC BRANDS |
| CENTRIC DENIM |
| CENTRIC DENIM | | ||||||||||||
| | RETAIL LLC | | INC. | | LLC | | ENTERPRISES | | HOLDINGS, INC. | | INC. | | GROUP LLC | | LLC | | LLC | | HOLDING LLC | | RETAIL LLC | | USA, LLC | | ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 3,941.1 | | $ | - | | $ | 812.1 | | $ | 72,158.8 | | $ | - | | $ | 8.6 | |
Restricted Cash | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Accounts Receivable, net | | | 20,758.5 | | | - | | | - | | | 115,171.4 | | | - | | | 12,156.0 | | | 9,199.3 | | | 25,629.6 | | | (15,254.9) | | | (449,793.4) | | | - | | | 27,655.0 | |
Inventories | | | 5,729.9 | | | - | | | - | | | 41,753.6 | | | - | | | 13,757.4 | | | 25,238.1 | | | 12,771.2 | | | 984.3 | | | (320.2) | | | - | | | 12,745.2 | |
Prepaid Expenses and Other Current Assets | | | (569.6) | | | - | | | - | | | 8,432.2 | | | - | | | 802.0 | | | 13,683.2 | | | 2,053.9 | | | 1,432.5 | | | 10,685.9 | | | - | | | 790.9 | |
Total Current Assets | | | 25,918.9 | | | - | | | - | | | 165,357.2 | | | - | | | 26,715.4 | | | 52,061.8 | | | 40,454.7 | | | (12,026.0) | | | (367,268.9) | | | - | | | 41,199.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, Plant, & Equipment, net | | | 1,884.7 | | | - | | | - | | | - | | | - | | | - | | | 40.2 | | | - | | | 35.7 | | | 73,591.0 | | | - | | | 191.9 | |
Goodwill & Intangibles | | | 310.9 | | | - | | | - | | | 1,472.5 | | | - | | | (68.5) | | | 57,139.3 | | | 164.4 | | | 4,361.6 | | | 1,067,096.2 | | | - | | | 143.4 | |
Operating Lease Right-of-Use Assets | | | 709.8 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 7,060.2 | | | 99,225.4 | | | - | | | - | |
Other Assets | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | (8.4) | | | 277.3 | | | - | | | - | |
Total Assets | | $ | 28,824.3 | | $ | - | | $ | - | | $ | 166,829.7 | | $ | - | | $ | 26,646.9 | | | $109,241.4 | | | $40,619.1 | | $ | (576.8) | | $ | 872,921.0 | | $ | - | | $ | 41,535.0 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities & Stockholders Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts Payable and Accrued Expenses | | | 7,218.2 | | | - | | | - | | | (39,648.3) | | | - | | | (8,932.1) | | | (3,249.7) | | | 17,142.1 | | | 15,381.9 | | | 340,886.8 | | | - | | | (6,120.0) | |
Revolving Line of Credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 139,679.9 | | | - | | | - | |
Short-Term Debt | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 160,000.0 | | | - | | | - | |
Current Portion of Operating Lease Liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 15,292.0 | | | - | | | - | |
Current Portion of Long-Term Debt | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 625,650.0 | | | - | | | - | |
Total Current Liabilities | | | 7,218.2 | | | - | | | - | | | (39,648.3) | | | - | | | (8,932.1) | | | (3,249.7) | | | 17,142.1 | | | 15,381.9 | | | 1,281,508.7 | | | - | | | (6,120.0) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities Subject to Compromise | | | 110.7 | | | - | | | - | | | 8,549.2 | | | - | | | 2,125.1 | | | 4,036.7 | | | 4,767.6 | | | 57.5 | | | 784,468.3 | | | - | | | 10,771.6 | |
Total Liabilities Subject to Compromise | | | 110.7 | | | - | | | - | | | 8,549.2 | | | - | | | 2,125.1 | | | 4,036.7 | | | 4,767.6 | | | 57.5 | | | 784,468.3 | | | - | | | 10,771.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Notes | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 0.0 | | | - | | | - | |
Long-Term Debt, Net of Current Portion | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 24,662.6 | | | - | | | - | |
Operating Lease Liabilities | | | (216.0) | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 7,359.6 | | | 86,813.4 | | | - | | | - | |
Other Liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | (667.5) | | | - | | | - | | | - | |
Total Liabilities | | | 7,112.9 | | | - | | | - | | | (31,099.1) | | | - | | | (6,807.0) | | | 786.9 | | | 21,909.7 | | | 22,131.5 | | | 2,177,453.0 | | | - | | | 4,651.6 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders Equity | | | 21,711.4 | | | - | | | - | | | 197,928.9 | | | - | | | 33,453.9 | | | 108,454.4 | | | 18,709.4 | | | (22,708.3) | | | (1,304,532.0) | | | - | | | 36,883.4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total Liabilities and Shareholder's Equity | | $ | 28,824.3 | | $ | - | | $ | - | | $ | 166,829.7 | | $ | - | | $ | 26,646.9 | | $ | 109,241.4 | | $ | 40,619.1 | | $ | (576.8) | | $ | 872,921.0 | | $ | - | | $ | 41,535.0 | |
The information contained herein is provided to fulfill the requirements of the Bankruptcy Code and the Bankruptcy Rules. All information contained herein is unaudited.
Amounts above are inclusive of intercompany and intracompany balances.
The Company has not performed a physical count of inventory; amount is an estimate subject to change
Intercompany balances included in Accounts Payable and Accrued Expenses
11
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-3: BALANCE SHEET
As of August 31, 2020
(US Dollars in Thousands)
| | | | | | | | | | | | | | | | | | | HUDSON | | | | | | |||||||||||||
| | CENTRIC | | CENTRIC SOCKS | | CENTRIC WEST | | CENTRIC- BCBG | | DBG HOLDINGS | | DBG SUBSIDIARY | | DFBG SWIMS, | | F&T APPAREL | | HC ACQUISITION | | CLOTHING | | HUDSON | | INNOVO WEST | | ||||||||||||
|
| JEWELRY INC. |
| LLC |
| LLC |
| LLC |
| SUBSIDIARY INC. |
| INC. |
| LLC |
| LLC |
| HOLDINGS, INC. |
| HOLDINGS, INC. |
| CLOTHING, LLC |
| SALES, INC. |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | - | | $ | - | | $ | 10.5 | | $ | - | | $ | - | | $ | - | | $ | 258.3 | | $ | - | | $ | - | | $ | - | | $ | (9.8) | | $ | - | |
Restricted Cash | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Accounts Receivable, net | | | 9,807.0 | | | 32,348.2 | | | 14,749.7 | | | 7,186.1 | | | - | | | - | | | 941.2 | | | 77,891.4 | | | - | | | - | | | 3,557.4 | | | - | |
Inventories | | | 2,675.6 | | | 24,494.5 | | | 14,008.0 | | | 1,792.6 | | | - | | | - | | | 2,300.8 | | | 41,917.4 | | | - | | | - | | | 5,558.9 | | | - | |
Prepaid Expenses and Other Current Assets | | | 1,532.8 | | | 1,644.3 | | | 3,636.4 | | | 376.6 | | | - | | | - | | | 84.9 | | | 3,668.2 | | | - | | | - | | | 611.7 | | | - | |
Total Current Assets | | | 14,015.3 | | | 58,487.0 | | | 32,404.6 | | | 9,355.2 | | | - | | | - | | | 3,585.1 | | | 123,477.0 | | | - | | | - | | | 9,718.2 | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, Plant, & Equipment, net | | | 0.5 | | | - | | | 1,032.6 | | | 23.7 | | | - | | | - | | | 242.6 | | | 226.4 | | | - | | | - | | | - | | | - | |
Goodwill & Intangibles | | | 38.0 | | | 78.6 | | | (181.5) | | | (944.0) | | | - | | | - | | | - | | | 516.0 | | | - | | | - | | | 43,178.5 | | | - | |
Operating Lease Right-of-Use Assets | | | (14,735.2) | | | - | | | 3,156.1 | | | - | | | - | | | - | | | 27.4 | | | (5.6) | | | - | | | - | | | (6,726.2) | | | - | |
Other Assets | | | (0.1) | | | - | | | - | | | - | | | - | | | - | | | 13.2 | | | (5.8) | | | - | | | - | | | 219.7 | | | - | |
Total Assets | | $ | (681.4) | | $ | 58,565.6 | | $ | 36,411.9 | | $ | 8,434.8 | | $ | - | | $ | - | | $ | 3,868.3 | | $ | 124,208.1 | | $ | - | | $ | - | | $ | 46,390.2 | | $ | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities & Stockholders Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts Payable and Accrued Expenses | | | 2,386.9 | | | 10,670.8 | | | 3,703.6 | | | 28,446.7 | | | - | | | - | | | 8,561.8 | | | 53,285.0 | | | - | | | - | | | 42,885.3 | | | - | |
Revolving Line of Credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Short-Term Debt | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Current Portion of Operating Lease Liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Current Portion of Long-Term Debt | | | - | | | - | | | - | | | 402.2 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Total Current Liabilities | | | 2,386.9 | | | 10,670.8 | | | 3,703.6 | | | 28,848.9 | | | - | | | - | | | 8,561.8 | | | 53,285.0 | | | - | | | - | | | 42,885.3 | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities Subject to Compromise | | | 3,557.6 | | | 5,607.7 | | | 4,160.2 | | | 14,227.4 | | | - | | | - | | | 321.8 | | | 15,722.7 | | | - | | | - | | | 1,097.9 | | | - | |
Total Liabilities Subject to Compromise | | | 3,557.6 | | | 5,607.7 | | | 4,160.2 | | | 14,227.4 | | | - | | | - | | | 321.8 | | | 15,722.7 | | | - | | | - | | | 1,097.9 | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Notes | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Long-Term Debt, Net of Current Portion | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Operating Lease Liabilities | | | (14,939.5) | | | - | | | 3,295.9 | | | - | | | - | | | - | | | 28.0 | | | (5.5) | | | - | | | - | | | (6,904.5) | | | - | |
Other Liabilities | | | - | | | - | | | 7.6 | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | |
Total Liabilities | | | (8,995.0) | | | 16,278.5 | | | 11,167.2 | | | 43,076.3 | | | - | | | - | | | 8,911.5 | | | 69,002.1 | | | - | | | - | | | 37,078.7 | | | - | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders Equity | | | 8,313.6 | | | 42,287.1 | | | 25,244.6 | | | (34,641.5) | | | - | | | - | | | (5,043.2) | | | 55,206.0 | | | - | | | - | | | 9,311.6 | | | - | |
Total Liabilities and Shareholder's Equity | | $ | (681.4) | | $ | 58,565.6 | | $ | 36,411.9 | | $ | 8,434.8 | | $ | - | | $ | - | | $ | 3,868.3 | | $ | 124,208.1 | | $ | - | | $ | - | | $ | 46,390.2 | | $ | - | |
The information contained herein is provided to fulfill the requirements of the Bankruptcy Code and the Bankruptcy Rules. All information contained herein is unaudited.
Amounts above are inclusive of intercompany and intracompany balances.
The Company has not performed a physical count of inventory; amount is an estimate subject to change
Intercompany balances included in Accounts Payable and Accrued Expenses
12
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-3: BALANCE SHEET
As of August 31, 2020
(US Dollars in Thousands)
|
| | |
| | |
| | |
| | MARCO |
| | |
| | |
| | ROBERT |
| | ROBERT |
| | ROBERT |
| | ROSETTI |
| | |
| | |
| | | KHQ ATHLETICS | | | KHQ | | | LOTTA LUV | | | BRUNELLI IP, | | | | | | | | | GRAHAM | | | GRAHAM | | | GRAHAM RETAIL | | | HANDBAGS AND | | | VZI INVESTMENT | | | |
| | | LLC | | | INVESTMENT LLC | | | BEAUTY LLC | | | LLC | | | RG PARENT LLC | | | RGH GROUP LLC | | | DESIGNS, LLC | | | HOLDINGS, LLC | | | LLC | | | ACCESSORIES | | | CORP. | | | Total |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and Cash Equivalents | | $ | - | | $ | 24.6 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 427.2 | | $ | - | | $ | - | | $ | 0.6 | | $ | - | | $ | 77,632.1 |
Restricted Cash | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - |
Accounts Receivable, net | | | - | | | 161,750.0 | | | - | | | - | | | - | | | - | | | 6,191.0 | | | - | | | - | | | 27,427.7 | | | 643.3 | | | 88,014.4 |
Inventories | | | - | | | 58,337.3 | | | - | | | - | | | - | | | - | | | 14,411.6 | | | - | | | - | | | 27,168.7 | | | 1,017.2 | | | 306,342.1 |
Prepaid Expenses and Other Current Assets | | | - | | | 4,836.2 | | | - | | | - | | | - | | | - | | | 2,623.5 | | | - | | | - | | | 659.7 | | | 752.1 | | | 57,737.3 |
Total Current Assets | | | - | | | 224,948.1 | | | - | | | - | | | - | | | - | | | 23,653.3 | | | - | | | - | | | 55,256.6 | | | 2,412.6 | | | 529,726.0 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, Plant, & Equipment, net | | | - | | | 33.5 | | | - | | | - | | | - | | | - | | | 4,291.9 | | | - | | | - | | | - | | | (0.2) | | | 81,594.5 |
Goodwill & Intangibles | | | - | | | 2,119.9 | | | - | | | - | | | - | | | - | | | 35,949.8 | | | - | | | - | | | 239.6 | | | (158.0) | | | 1,211,456.7 |
Operating Lease Right-of-Use Assets | | | - | | | 13.8 | | | - | | | - | | | - | | | - | | | 16,603.6 | | | - | | | - | | | - | | | - | | | 105,329.3 |
Other Assets | | | - | | | - | | | - | | | - | | | - | | | - | | | 275.3 | | | - | | | - | | | - | | | - | | | 771.3 |
Total Assets | | $ | - | | $ | 227,115.2 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 80,773.9 | | $ | - | | $ | - | | $ | 55,496.2 | | $ | 2,254.4 | | $ | 1,928,877.7 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities & Stockholders Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts Payable and Accrued Expenses | | | - | | | 27,215.3 | | | - | | | - | | | - | | | - | | | (2,386.7) | | | - | | | - | | | 8,343.0 | | | (395.0) | | | 505,395.4 |
Revolving Line of Credit | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 139,679.9 |
Short-Term Debt | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 160,000.0 |
Current Portion of Operating Lease Liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 15,292.0 |
Current Portion of Long-Term Debt | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 626,052.2 |
Total Current Liabilities | | | - | | | 27,215.3 | | | - | | | - | | | - | | | - | | | (2,386.7) | | | - | | | - | | | 8,343.0 | | | (395.0) | | | 1,446,419.5 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities Subject to Compromise | | | - | | | 14,424.8 | | | - | | | - | | | - | | | - | | | 5,967.8 | | | - | | | - | | | 7,055.3 | | | 502.8 | | | 887,532.7 |
Total Liabilities Subject to Compromise | | | - | | | 14,424.8 | | | - | | | - | | | - | | | - | | | 5,967.8 | | | - | | | - | | | 7,055.3 | | | 502.8 | | | 887,532.7 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Convertible Notes | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 0.0 |
Long-Term Debt, Net of Current Portion | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | - | | | 24,662.6 |
Operating Lease Liabilities | | | - | | | 13.8 | | | - | | | - | | | - | | | - | | | 20,026.5 | | | - | | | - | | | - | | | - | | | 95,471.7 |
Other Liabilities | | | - | | | - | | | - | | | - | | | - | | | - | | | 242.9 | | | - | | | - | | | - | | | - | | | (417.0) |
Total Liabilities | | | - | | | 41,653.9 | | | - | | | - | | | - | | | - | | | 23,850.5 | | | - | | | - | | | 15,398.3 | | | 107.8 | | | 2,453,669.4 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders Equity | | | - | | | 185,461.3 | | | - | | | - | | | - | | | - | | | 56,923.4 | | | - | | | - | | | 40,097.9 | | | 2,146.6 | | | (524,791.6) |
Total Liabilities and Shareholder's Equity | | $ | - | | $ | 227,115.2 | | $ | - | | $ | - | | $ | - | | $ | - | | $ | 80,773.9 | | $ | - | | $ | - | | $ | 55,496.2 | | $ | 2,254.4 | | $ | 1,928,877.7 |
The information contained herein is provided to fulfill the requirements of the Bankruptcy Code and the Bankruptcy Rules. All information contained herein is unaudited.
Amounts above are inclusive of intercompany and intracompany balances.
The Company has not performed a physical count of inventory; amount is an estimate subject to change
Intercompany balances included in Accounts Payable and Accrued Expenses
13
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-4: SUMMARY OF UNPAID POST-PETITION DEBTS
(US Dollars in Thousands)
| | | | Number of Days Past Due | | | ||||||||||||||
Debtor Name |
| Current |
| 0-30 Days |
| 30-60 Days |
| 60-90 Days |
| 90+Days |
| Total | ||||||||
CENTRIC-BCBG RETAIL LLC | | $ | 1,428.1 | | $ | 2,186.5 | | $ | 1,725.7 | | $ | 523.1 | | $ | 467.9 | | $ | 6,331.3 | ||
CENTRIC BRANDS INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
ADDED EXTRAS LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
AMERICAN MARKETING ENTERPRISES | | | 24,566.8 | | | 2,588.3 | | | 49.8 | | | 531.9 | | | - | | | 27,736.9 | ||
BRIEFLY STATED HOLDINGS, INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
BRIEFLY STATED INC. | | | 13,276.6 | | | 1,181.3 | | | 99.0 | | | 214.3 | | | — | | | 14,771.2 | ||
CENTRIC ACCESSORIES GROUP LLC | | | 11,351.0 | | | 640.7 | | | 24.3 | | | (0.2) | | | (40.4) | | | 11,975.4 | ||
CENTRIC BEAUTY LLC | | | 3,527.7 | | | 1,130.4 | | | (88.1) | | | 0.3 | | | 9.5 | | | 4,579.8 | ||
CENTRIC BEBE LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
CENTRIC BRANDS HOLDING LLC | | | 455.7 | | | (2,198.2) | | | 501.6 | | | 2,114.4 | | | 879.9 | | | 1,753.4 | ||
CENTRIC DENIM RETAIL LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
CENTRIC DENIM USA, LLC | | | 6,502.6 | | | 434.8 | | | 470.2 | | | (2,365.2) | | | 1.2 | | | 5,043.7 | ||
CENTRIC JEWELRY INC. | | | 1,623.0 | | | 42.4 | | | (240.9) | | | (9.2) | | | 0.1 | | | 1,415.3 | ||
CENTRIC SOCKS LLC | | | 7,246.7 | | | 2,705.8 | | | 314.0 | | | 33.0 | | | (4.3) | | | 10,295.3 | ||
CENTRIC WEST LLC | | | 4,582.6 | | | 608.6 | | | (31.7) | | | (108.1) | | | 11.2 | | | 5,062.6 | ||
CENTRIC-BCBG LLC | | | 739.0 | | | 586.4 | | | (3.8) | | | 2.2 | | | 0.1 | | | 1,324.0 | ||
DBG HOLDINGS SUBSIDIARY INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
DBG SUBSIDIARY INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
DFBG SWIMS, LLC | | | 4.0 | | | (99.8) | | | 6.1 | | | 0.0 | | | 11.4 | | | (78.3) | ||
F&T APPAREL LLC | | | 9,409.0 | | | 4,109.0 | | | (207.6) | | | 6.5 | | | (1.3) | | | 13,315.6 | ||
HC ACQUISITION HOLDINGS, INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
HUDSON CLOTHING HOLDINGS, INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
HUDSON CLOTHING, LLC | | | 697.6 | | | 19.7 | | | 25.7 | | | 11.6 | | | 6.2 | | | 760.7 | ||
INNOVO WEST SALES, INC. | | | — | | | — | | | — | | | — | | | — | | | — | ||
KHQ ATHLETICS LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
KHQ INVESTMENT LLC | | | 22,476.9 | | | 1,271.6 | | | 687.6 | | | (443.4) | | | 2.5 | | | 23,995.1 | ||
LOTTA LUV BEAUTY LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
MARCO BRUNELLI IP, LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
RG PARENT LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
RGH GROUP LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
ROBERT GRAHAM DESIGNS, LLC | | | 684.1 | | | 115.0 | | | 69.4 | | | 21.3 | | | 114.3 | | | 1,004.1 | ||
ROBERT GRAHAM HOLDINGS, LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
ROBERT GRAHAM RETAIL LLC | | | — | | | — | | | — | | | — | | | — | | | — | ||
ROSETTI HANDBAGS AND ACCESSORIES | | | 9,598.5 | | | 2,501.0 | | | 60.3 | | | (0.2) | | | — | | | 12,159.5 | ||
VZI INVESTMENT CORP. | | | 33.5 | | | 34.0 | | | (0.0) | | | — | | | — | | | 67.4 | ||
Total | | $ | 118,203.4 | | $ | 17,857.6 | | $ | 3,461.6 | | $ | 532.2 | | $ | 1,458.2 | | $ | 141,513.0 |
14
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-4a: STATUS OF POST-PETITION TAXES
(US Dollars in Thousands)
Debtor Name |
|
| Beginning Tax |
|
| Amount |
|
| Amount Paid |
|
| Date Paid |
|
| Check No. or |
|
| Ending Tax |
|
See Attached Declaration | |
15
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR 4a(Dec): DECLARATION REGARDING THE STATUS OF POST-PETITION TAXES
For the Period Ended August 31, 2020
Anurup Pruthi hereby declares under penalty of perjury:
1. | I am Chief Financial Officer of Centric Brands, Inc. In that capacity, I am familiar with the above-captioned debtors' and debtors-in-possession's (collectively, the "Debtors") day-to-day operations, business affairs and books and records. I am authorized to submit this Declaration on behalf of the Debtors. |
2. | All statements in this Declaration are true and correct to the best of my knowledge, based on my review of the relevant documents, my discussions with other employees of the Debtors, or my opinion based upon my experience and knowledge of the Debtors' operations and financial condition. If I were called upon to testify, I could and would testify to each of the facts set forth herein. |
3. | To the best of my knowledge, all of the Debtors have filed all necessary federal, state, and local tax returns and have timely made all related required post-petition tax payments. |
Dated: September 15, 2020 | | Respectfully submitted, |
| | |
| | /s/ Anurup Pruthi |
| | By: Anurup Pruthi |
| | Title: Chief Financial Officer |
16
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-5: ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
(US Dollars in Thousands)
| | | | | Number of Days Past Due | | | | ||||||||||
Debtor Name | | Current | | 0-30 Days | | 30-60 Days | | 60-90 Days | | 90+Days | | Total | ||||||
CENTRIC-BCBG RETAIL LLC |
| $ | 8,909.7 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 8,909.7 |
CENTRIC BRANDS INC. | | | — | | | — | | | — | | | — | | | — | | | — |
ADDED EXTRAS LLC | | | — | | | — | | | — | | | — | | | — | | | — |
AMERICAN MARKETING ENTERPRISES | | | 56,191.0 | | | 6,026.8 | | | 435.0 | | | 373.1 | | | 1,107.2 | | | 64,133.1 |
BRIEFLY STATED HOLDINGS, INC. | | | — | | | — | | | — | | | — | | | — | | | — |
BRIEFLY STATED INC. | | | 8,034.7 | | | 73.2 | | | 510.3 | | | 171.4 | | | 531.4 | | | 9,321.0 |
CENTRIC ACCESSORIES GROUP LLC | | | 7,476.2 | | | 3,526.0 | | | 2,811.6 | | | (537.4) | | | 413.3 | | | 13,689.7 |
CENTRIC BEAUTY LLC | | | 11,159.0 | | | 3,064.6 | | | 367.6 | | | 328.5 | | | 3,925.1 | | | 18,844.7 |
CENTRIC BEBE LLC | | | — | | | — | | | — | | | — | | | — | | | — |
CENTRIC BRANDS HOLDING LLC | | | — | | | — | | | — | | | — | | | — | | | — |
CENTRIC DENIM RETAIL LLC | | | — | | | — | | | — | | | — | | | — | | | — |
CENTRIC DENIM USA, LLC | | | 22,266.5 | | | 5,759.5 | | | 4,612.2 | | | 197.6 | | | 3,408.9 | | | 36,244.7 |
CENTRIC JEWELRY INC. | | | 4,117.3 | | | 1,056.7 | | | 491.3 | | | 219.2 | | | 2,080.7 | | | 7,965.2 |
CENTRIC SOCKS LLC | | | 18,701.2 | | | 2,537.8 | | | 808.1 | | | 249.3 | | | 1,985.7 | | | 24,282.0 |
CENTRIC WEST LLC | | | 8,766.8 | | | 1,169.4 | | | 1,548.7 | | | (424.0) | | | 1,146.4 | | | 12,207.3 |
CENTRIC-BCBG LLC | | | 2,428.0 | | | 661.1 | | | 130.5 | | | 18.8 | | | 753.2 | | | 3,991.6 |
DBG HOLDINGS SUBSIDIARY INC. | | | — | | | — | | | — | | | — | | | — | | | — |
DBG SUBSIDIARY INC. | | | — | | | — | | | — | | | — | | | — | | | — |
DFBG SWIMS, LLC | | | 137.9 | | | 0.8 | | | 2.5 | | | 4.1 | | | 11.8 | | | 157.0 |
F&T APPAREL LLC | | | 20,940.1 | | | 15,337.0 | | | 2,193.3 | | | (1,603.2) | | | 2,907.9 | | | 39,775.1 |
HC ACQUISITION HOLDINGS, INC. | | | — | | | — | | | — | | | — | | | — | | | — |
HUDSON CLOTHING HOLDINGS, INC. | | | — | | | — | | | — | | | — | | | — | | | — |
HUDSON CLOTHING, LLC | | | 183.9 | | | (353.7) | | | (77.7) | | | 51.5 | | | 1,663.2 | | | 1,467.2 |
INNOVO WEST SALES, INC. | | | — | | | — | | | — | | | — | | | — | | | — |
KHQ ATHLETICS LLC | | | — | | | — | | | — | | | — | | | — | | | — |
KHQ INVESTMENT LLC | | | 43,439.9 | | | 13,104.4 | | | 2,825.2 | | | 797.3 | | | 6,904.7 | | | 67,071.5 |
LOTTA LUV BEAUTY LLC | | | — | | | — | | | — | | | — | | | — | | | — |
MARCO BRUNELLI IP, LLC | | | — | | | — | | | — | | | — | | | — | | | — |
RG PARENT LLC | | | — | | | — | | | — | | | — | | | — | | | — |
RGH GROUP LLC | | | — | | | — | | | — | | | — | | | — | | | — |
ROBERT GRAHAM DESIGNS, LLC | | | 1,456.1 | | | 313.3 | | | 74.1 | | | 285.2 | | | 488.9 | | | 2,617.6 |
ROBERT GRAHAM HOLDINGS, LLC | | | — | | | — | | | — | | | — | | | — | | | — |
ROBERT GRAHAM RETAIL LLC | | | — | | | — | | | — | | | — | | | — | | | — |
ROSETTI HANDBAGS AND ACCESSORIES | | | 15,477.2 | | | 1,403.9 | | | 542.6 | | | 310.2 | | | 2,137.0 | | | 19,870.9 |
VZI INVESTMENT CORP. | | | 103.1 | | | 44.6 | | | 4.0 | | | — | | | 33.6 | | | 185.4 |
Total | | $ | 229,788.6 | | $ | 53,725.4 | | $ | 17,279.3 | | $ | 441.5 | | $ | 29,499.1 | | $ | 330,733.9 |
TAXES RECONCILIATION AND AGING
Taxes Payable | | Current | | 0-30 Days | | 31-60 Days | | 61-90 Days | | 91+Days | | Total | ||||||
0 - 30 days old |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
31 - 60 days old | | | — | | | — | | | — | | | — | | | — | | | — |
61 - 90 days old | | | — | | | — | | | — | | | — | | | — | | | — |
91+ days old | | | — | | | — | | | — | | | — | | | — | | | — |
Total Taxes Payable | | $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
Notes:
Only accounts receivable with aging data included in this schedule. Accounts receivable on the balance sheet includes all receivables - including receivables not aged (e.g. cash clearing accounts).
Centric is current on all pre-petition and post-petition tax payments.
17
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-6: PAYMENTS TO INSIDERS AND PROFESSIONALS
(US Dollars)
INSIDERS | | |||||||||
Name |
| | Type of Payment |
| | Paid |
| | Total Paid to Date |
|
Brown, Janice | | | Gross compensation & expenses | | $ | 47,024.23 | | $ | 164,332.53 | |
Alabaster, Pamela G | | | Gross compensation & expenses | | | 0.00 | | | 17,125.95 | |
Berg, Andrew J | | | Gross compensation & expenses | | | 34,273.71 | | | 120,042.13 | |
Biszantz, Suzanne | | | Gross compensation & expenses | | | 69,374.21 | | | 220,274.79 | |
Borromeo, Maria | | | Gross compensation & expenses | | | 0.00 | | | 103,403.97 | |
Coe, Karen | | | Gross compensation & expenses | | | 32,436.80 | | | 113,528.80 | |
Czuchra, Roger J | | | Gross compensation & expenses | | | 28,424.00 | | | 99,484.00 | |
Favuzza, Joseph | | | Gross compensation & expenses | | | 40,106.66 | | | 140,373.31 | |
Nembirkow, Lori | | | Gross compensation & expenses | | | 24,244.74 | | | 84,438.22 | |
Pinkow, Steven | | | Gross compensation & expenses | | | 66,773.32 | | | 233,706.62 | |
Pruthi, Anurup | | | Gross compensation & expenses | | | 44,940.00 | | | 156,540.00 | |
Rabin, Arthur W | | | Gross compensation & expenses | | | 69,081.01 | | | 242,948.70 | |
Rabin, Jason | | | Gross compensation & expenses | | | 85,106.66 | | | 331,206.65 | |
Ritchey, Laura L | | | Gross compensation & expenses | | | 0.00 | | | 104,008.36 | |
Silverstein, Cory | | | Gross compensation & expenses | | | 40,106.66 | | | 88,547.32 | |
Tarshis, Andrew | | | Gross compensation & expenses | | | 0.00 | | | 61,659.99 | |
GLENHILL CAPITAL ADVISORS (Glenn Krevlin) | | | BoD consulting fees | | | 40,000.00 | | | 170,000.00 | |
JMK CONSULTING (2018) LLC (Jarod Kahn) | | | Gross compensation & expenses | | | 76,666.66 | | | 249,166.32 | |
GSO Capital Partners LP | | | BoD consulting fees | | | 0.00 | | | 60,493.00 | |
REDAN ADVISORS LLC (Patrick Bartels) | | | BoD consulting fees | | | 40,000.00 | | | 157,500.00 | |
McLallen, Walter | | | BoD consulting fees | | | 40,000.00 | | | 182,500.00 | |
HI CAPM ADVISORS, LTD (Sherman Edmiston) | | | BoD consulting fees | | | 400.00 | | | 37,900.00 | |
Savage, Kent | | | BoD consulting fees | | | 0.00 | | | 62,500.00 | |
Bowen, Marjorie | | | BoD consulting fees | | | 0.00 | | | 37,500.00 | |
| | | TOTAL PAYMENTS TO INSIDERS | | $ | 778,958.66 | | $ | 3,239,180.66 | |
PROFESSIONALS | | |||||||||||
Professional Name |
| | Role in the Case |
| | Paid |
| | Total Paid to Date |
| ||
Prime Clerk | | | Administrative Agent | | $ | 666,890.47 | | $ | 761,753.24 | | ||
Ropes & Gray | | | Debtor Lead Counsel | | | 1,401,129.46 | | | 1,401,129.46 | | ||
Alvarez & Marsal | | | Debtor Financial Advisor | | | 1,683,653.48 | | | 1,683,653.48 | | ||
PJT Partners | | | Debtor Investment Banker | | | 1,534,193.55 | | | 1,534,193.55 | | ||
| | | TOTAL PAYMENTS TO PROFESSIONALS | | $ | 5,285,866.96 | | $ | 5,380,729.73 | |
18
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-7: DEBTOR QUESTIONNAIRE
# |
| Must be completed each month. If the answer to any of the questions is |
| Yes |
| No |
|
1 | | Have any assets been sold or transferred outside the normal course of business this reporting period? | | | | No | |
2 | | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? | | | | No | |
3 | | Is the Debtor delinquent in the timely filing of any post-petition tax returns? | | | | No | |
4 | | Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies? | | | | No | |
5 | | Is the Debtor delinquent in paying any insurance premium payment? | | | | No | |
6 | | Have any payments been made on pre-petition liabilities this reporting period? | | Yes | | | |
7 | | Are any post-petition receivables (accounts, notes or loans) due from related parties? | | Yes | | | |
8 | | Are any post-petition payroll taxes past due? | | | | No | |
9 | | Are any post-petition State or Federal income taxes past due? | | | | No | |
10 | | Are any post-petition real estate taxes past due? | | | | No | |
11 | | Are any other post-petition taxes past due? | | | | No | |
12 | | Have any pre-petition taxes been paid during this reporting period? | | Yes | | | |
13 | | Are any amounts owed to post-petition creditors delinquent? | | | | No | |
14 | | Are any wage payments past due? | | | | No | |
15 | | Have any post-petition loans been received by the Debtor from any party? | | Yes | | | |
16 | | Is the Debtor delinquent in paying any U.S. Trustee fees? | | | | No | |
17 | | Is the Debtor delinquent with any court ordered payments to attorneys or other professionals? | | | | No | |
18 | | Have the owners or shareholders received any compensation outside of the normal course of business? | | | | No | |
# |
| Explanations |
|
6 | | First day motion payments have been made in accordance with related orders. | |
7 | | Intercompany receivables have been generated in the normal course of business; refer to Exhibit A for a summary of transactions with non-debtor affiliates. | |
12 | | Pre-petition taxes are paid as they come due in the normal course of business. The Debtors reconciled such amounts and paid such amounts before the end of the Reporting Period. | |
15 | | The Debtors obtained debtor-in-possession financing as authorized by the court. | |
19
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-7: EXHIBIT A - DEBTOR INTERCOMPANY (I/C) TRANSFERS (NET DISBURSEMENTS)
(US Dollars)
DEBTOR (From): | NON-DEBTOR (To): | Description | Net Funding |
Net monthly amount of Intercompany Transactions to non-Debtor entity Centric Canada Apparel & Accessories, ULC is $0 | |||
Net monthly amount of Intercompany Transactions to non-Debtor entity SWIMS AS is $0 | |||
|
Notes:
(1) | Centric Canada Apparel & Accessories received $4.0M in gross transfers and $6.7M in gross receipts from August 1, 2020 through August 31, 2020. |
(2) | No transfer was made to SWIMS AS from August 1, 2020 through August 31, 2020. |
20
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-7: EXHIBIT A - DEBTOR INTERCOMPANY (I/C) TRANSFERS (NET DISBURSEMENTS)
(US Dollars)
Centric Canada Apparel & Accessories Gross Receipt Detail
Date |
| Bank |
| Account Name |
| Legal Entity |
| Description |
| Amount | |
8/4/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 1,882,902.40 |
8/5/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 142,499.52 |
8/6/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 69,646.01 |
8/10/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 707,690.53 |
8/11/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 614,113.08 |
8/12/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 147,167.70 |
8/13/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 685,825.73 |
8/14/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 24,297.19 |
8/17/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 391,083.08 |
8/18/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 116,328.24 |
8/20/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 713,447.64 |
8/21/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 231,043.89 |
8/24/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 46,529.34 |
8/26/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 34,281.34 |
8/27/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 234,618.06 |
8/31/2020 | | PNC | | SPRING FUNDING LLC | | Centric Canada Apparel & Accessories | | Receipts | | | 653,303.49 |
Total Receipts | | | | | | | | | | $ | 6,694,777.25 |
Centric Canada Apparel & Accessories Gross Transfer Detail
Date |
| Bank |
| Debtor (From) |
| Non-Debtor (To): |
| Detail |
| Amount | |
8/6/2020 | | HSBC | | Centric Brands Holding LLC | | Centric Canada Apparel & Accessories | | Intercompany Transfer | | $ | 500,000.00 |
8/17/2020 | | HSBC | | Centric Brands Holding LLC | | Centric Canada Apparel & Accessories | | Intercompany Transfer | | | 500,000.00 |
8/25/2020 | | HSBC | | Centric Brands Holding LLC | | Centric Canada Apparel & Accessories | | Intercompany Transfer | | | 1,500,000.00 |
8/28/2020 | | HSBC | | Centric Brands Holding LLC | | Centric Canada Apparel & Accessories | | Intercompany Transfer | | | 1,500,000.00 |
Total Transfers | | | | | | | | | | $ | 4,000,000.00 |
Notes:
(1) | Centric Canada Apparel & Accessories received $4.0M in gross transfers and $6.7M in gross receipts from August 1, 2020 through August 31, 2020. |
(2) | All Canadian dollar amounts were converted to USD at a rate of approximately 0.76. |
21
In re: Centric Brands Inc., et al. | | Case No. | 20-22637 |
Debtors | | Reporting Period: | Aug-20 |
MOR-7: EXHIBIT A - CENTRIC CANADA APPAREL & ACCESSORIES DAILY NET BALANCE
(US Dollars)
Date |
| Receipts |
| Transfers |
| | Net Receipts from Canada |
| |
8/4/2020 | | 1,882,902.40 | | - | | | | 1,882,902.40 | |
8/5/2020 | | 142,499.52 | | - | | | | 2,025,401.92 | |
8/6/2020 | | 69,646.01 | | 500,000.00 | | | | 1,595,047.94 | |
8/10/2020 | | 707,690.53 | | - | | | | 2,302,738.47 | |
8/11/2020 | | 614,113.08 | | - | | | | 2,916,851.54 | |
8/12/2020 | | 147,167.70 | | - | | | | 3,064,019.24 | |
8/13/2020 | | 685,825.73 | | - | | | | 3,749,844.97 | |
8/14/2020 | | 24,297.19 | | - | | | | 3,774,142.16 | |
8/17/2020 | | 391,083.08 | | 500,000.00 | | | | 3,665,225.24 | |
8/18/2020 | | 116,328.24 | | - | | | | 3,781,553.48 | |
8/20/2020 | | 713,447.64 | | - | | | | 4,495,001.13 | |
8/21/2020 | | 231,043.89 | | - | | | | 4,726,045.02 | |
8/24/2020 | | 46,529.34 | | - | | | | 4,772,574.35 | |
8/25/2020 | | - | | 1,500,000.00 | | | | 3,272,574.35 | |
8/26/2020 | | 34,281.34 | | - | | | | 3,306,855.69 | |
8/27/2020 | | 234,618.06 | | - | | | | 3,541,473.75 | |
8/28/2020 | | - | | 1,500,000.00 | | | | 2,041,473.75 | |
8/31/2020 | | 653,303.49 | | - | | | | 2,694,777.25 | |
Total Net Receipts from Canada: | | | | | $ | 2,694,777.25 | |
22