PKF Clear Thinking, a business advisory firm and subsidiary of PKF O’Connor Davies, on Friday announced that Joseph Marchese has been appointed chief restructuring officer of the Rockport Co., as the global footwear brand begins voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.
PKF O’Connor Davies is one of the nation’s largest accounting, tax and advisory practices, and has a major presence in New Jersey.
Marchese, a partner of PKF Clear Thinking, brings over 25 years of consulting and financial advisory experience to the engagement.
“As Rockport’s Chapter 11 proceedings get underway, our team’s immediate priority is to assess the present situation and develop a process to maximize value recoveries for all stakeholders,” Marchese said. “Our proven track record of supporting companies through these types of proceedings will be invaluable as we work with diligence, thoroughness and transparency to achieve the best outcome.”
With the support of the PKF Clear Thinking team, led by Michael Wesley, a partner of PKF Clear Thinking, Rockport anticipates operating “business as usual” during the Chapter 11 process, and customers should see no disruption in service or product quality. Subject to court approval, Rockport will operate utilizing debtor-in-possession financing, which will provide Rockport with sufficient liquidity to continue its operations during the Chapter 11 case and related sale process.
Many of Rockport’s employees are expected to continue with the company and assist in operations during the Chapter 11 proceedings. Marchese will also draw from his nearly three decades of expertise in the areas of accounting, financial operations, business planning, cash management and financial reporting.
Through Marchese’s involvement, PKF Clear Thinking continues to provide the consistent, senior-level representation that is a core component of all financial restructuring and bankruptcy advisory engagements. Coupled with PKF Clear Thinking’s individualized approach, the organization’s customized, solutions-based service and greater operational efficiency deliver ongoing value to all parties involved.
