As a result of multiple acquisitions, a large American retailer had overextended itself from a growth perspective and needed to file for bankruptcy in order to maximize their real estate investments. The bankruptcy necessitated that the company quickly restructure, a strategy that demanded the strategic closure of seven-hundred retail locations within a sixty-day period. With limited capacity within the in-house legal team, the company needed an efficient, cost effective solution that could be implemented quickly in order to remediate the 2,100 leases with the sixty-day deadline.
Axiom partnered with the client to select six lawyers with the expertise needed to tackle this large lease-remediation project quickly and efficiently. Each lawyer was seamlessly integrated into the in-house team and each remediated over 350 lease amendments. The Axiom lawyers held weekly meetings to ensure project alignment and track progress across all stakeholders. Axiom lawyers also directly collaborated with the client’s real estate brokers, landlords, and internal parties to ensure the client expectations were met.
Axiom lawyers enabled the client to emerge from the bankruptcy on time and reduce the number of underperforming store locations by facilitating over 700 store closures within 48 days. The Axiom lawyers’ systematic and ongoing reporting process provided the client and other stakeholders with transparency into the projects process and completion. The flexibility of the Axiom solution allowed the client to adjust workflows and scale up or down as required to meet the project’s deadline.
15+ yrs of Real Estate experience among our lawyers
75% cost savings from a law firm hourly rate
2100+ lease amendments
Find a world-class lawyer with the experience you need from our global bench of over 5,800+ lawyers
Access lawyers with deep commercial expertise. Our lawyers:
Trusted by the world’s best companies, including:
79% of our lawyers are equivalent to or better than law firms
Axiom partners with you to:
Axiom provides flexible legal talent to help meet businesses’ ever-changing needs. Axiom is not a law firm and does not provide legal services or legal advice.