News & Insights Client News News & Insights Client News Careismatic Brands Successfully Completes Financial Restructuring Positioned for Continued Leadership in the Medical Apparel Industry Jun 13, 2024 Emerges from Chapter 11 with robust liquidity position after eliminating all prepetition debt New shareholder group, led by Nexus Capital Management, to support Company’s continued strategic transformation to best serve the healthcare community June 13th, 2024 – Careismatic Brands, LLC (“CBI” or “the Company”), the world’s largest medical apparel provider, today announced that it has emerged from Chapter 11 following confirmation of the Company’s Plan of Reorganization on May 31, 2024. The completion of the financial restructuring process marks a pivotal milestone in Careismatic’s corporate transformation and positions it for long-term growth. “The completion of our financial restructuring process will enable us to better serve all of our stakeholders in the retail and healthcare communities,” said Sid Lakhani, CEO of Careismatic Brands. “We enter our next chapter with strong financial footing and the resources to invest in the innovations that enhance the comfort and confidence of those who wear our uniforms. As I look to our bright future ahead, I am deeply grateful to our team for their dedication during this process and to our customers and suppliers for their continued loyalty and support.” Through its financial restructuring process, Careismatic has significantly strengthened its capital structure by eliminating all of its third-party debt. With a strong financial foundation, the Company is well positioned to invest in product innovation and operational excellence, enhancing its ability to serve its global customer base. Careismatic moves forward under new ownership with a group of investment funds, led by Nexus Capital Management, who have been dedicated partners to the Company through the restructuring process. “Careismatic now has a solid foundation for future growth, profitability, and continued industry leadership,” said Evan Glucoft, Managing Director of Nexus Capital Management. “We look forward to partnering with CBI’s leadership to realize their strategic objectives and continue the Company’s legacy of excellence in the healthcare apparel industry.” Advisors Kirkland & Ellis LLP and Cole Schotz P.C. served as legal counsel, PJT Partners LP served as investment banker and AlixPartners LLP served as financial advisor to the Company. Milbank LLP and Houlihan Lokey served as legal and financial advisors, respectively, to an ad hoc group of first lien lenders who are now the Company’s new shareholders. About the Company Careismatic Brands, Inc. is a trusted global leader in medical apparel with a distribution platform that spans more than 75 countries. Its extensive portfolio of premium brands includes Cherokee Uniforms, Dickies Medical, Infinity, Healing Hands, MedCouture, and Scrubstar, among others. Careismatic is proud to support several nonprofit organizations, including The DAISY Foundation, U-VOL Foundation, and Mercy Ships. Share this article Featured Insights The Comeback Playbook: How Strategic Communications and Branding Drive Corporate Turnarounds Related Articles Feb 5, 2025 ZIPS Car Wash Takes Strategic Action to Strengthen Financial Foundation and Advance Operational Transformation ZIPS Car Wash remains open and operational, providing high-quality service at the best value for... Read the Article Oct 10, 2024 Gritstone bio Takes Action to Preserve Value and Strengthen Capital Structure Voluntarily Files for Chapter 11 Restructuring Strategic Alternatives Process Continues with Interest from Parties October... Read the Article Apr 10, 2025 National CineMedia Announces 2025 US Young Lions Competition Winners NEW YORK–(BUSINESS WIRE)–National CineMedia (NASDAQ: NCMI) (NCM), the largest cinema advertising platform in the US... Read the Article Dec 2, 2024 Hoonigan Successfully Completes Financial Restructuring Positioning Company for Continued Leadership in the Automotive Aftermarket Industry Emerges from Chapter 11 with Significantly Stronger Capital Structure Through Elimination of Approximately $1.2B of... Read the Article Mar 31, 2025 Hooters of America Takes Strategic Action to Continue its Iconic Legacy Under Pure Franchise Business Model Enters into Restructuring Support Agreement to effectuate sale transaction to highly experienced franchisees Restaurants remain... Read the Article Apr 9, 2025 Publishers Clearing House Takes Strategic Action to Complete Transformation to a Digital Advertising-Supported Entertainment Company Files Voluntary Petition for Chapter 11 Relief to Commence a Balance Sheet Restructuring and Shed... Read the Article
Feb 5, 2025 ZIPS Car Wash Takes Strategic Action to Strengthen Financial Foundation and Advance Operational Transformation ZIPS Car Wash remains open and operational, providing high-quality service at the best value for... Read the Article
Oct 10, 2024 Gritstone bio Takes Action to Preserve Value and Strengthen Capital Structure Voluntarily Files for Chapter 11 Restructuring Strategic Alternatives Process Continues with Interest from Parties October... Read the Article
Apr 10, 2025 National CineMedia Announces 2025 US Young Lions Competition Winners NEW YORK–(BUSINESS WIRE)–National CineMedia (NASDAQ: NCMI) (NCM), the largest cinema advertising platform in the US... Read the Article
Dec 2, 2024 Hoonigan Successfully Completes Financial Restructuring Positioning Company for Continued Leadership in the Automotive Aftermarket Industry Emerges from Chapter 11 with Significantly Stronger Capital Structure Through Elimination of Approximately $1.2B of... Read the Article
Mar 31, 2025 Hooters of America Takes Strategic Action to Continue its Iconic Legacy Under Pure Franchise Business Model Enters into Restructuring Support Agreement to effectuate sale transaction to highly experienced franchisees Restaurants remain... Read the Article
Apr 9, 2025 Publishers Clearing House Takes Strategic Action to Complete Transformation to a Digital Advertising-Supported Entertainment Company Files Voluntary Petition for Chapter 11 Relief to Commence a Balance Sheet Restructuring and Shed... Read the Article