MAJOR TOPICS: Changing retail paradigm Industry landscape overview Technological disruptions Traditional retail v. e-commerce Maintaining growth and market share New business models – experiential engagement Healthy v. distressed Overview of recent bankruptcy filings: Wet Seal, Payless ShoeSource, Toys-R-Us, other Watchlist: Neiman Marcus, JCrew, Talbots, other Restructuring alternatives Outlook for the future

1. Moderator: Alexander B. Kasdan, Senior Managing Director, DelMorgan & Co.
Panel:
• Joshua A. Sussberg, P.C., Partner, Restructuring Group, Kirkland & Ellis LLP
• Frank Kaufman, CPA, Partner, National Practice Leader, Retail, Moss Adams LLP
• George Blanco, CTP, CIRA, Managing Principal, Enterprise Management Advisors LLC
• James K. Baer, President, CMBG Advisors, Inc.
• Neil Morganbesser, President, DelMorgan & Co.
© Copyright 2017 Expert Webcast – All Rights Reserved
RETAIL TRENDS AND FORECASTS FOR
2017 AND BEYOND
November 9, 2017

2. 1
Expert Webcast is a sophisticated source of expertise for the
professional and the business communities locally, nationally and
cross-border.
Producing the industry’s leading webcast panels covering corporate,
M&A, restructuring and finance topics, Expert Webcast features
foremost experts in law accounting and finance, and addresses timely
and relevant issues faced by general counsel, C-level executives,
boards of directors, business owners and their advisors, as well as
institutional investors.
We welcome you to join our upcoming video webcasts or visit our on-
demand library to access recorded programs: www.expertwebcast.com.

3. 2
MODERATOR: Alexander B. Kasdan, Senior Managing Director,
DelMorgan & Co., brings more than twenty years of senior-level Wall Street
advice to middle market companies, entrepreneurs and institutional investors.
He has extensive experience in investment banking, corporate law and
restructuring at world’s leading firms, including Credit Suisse First Boston,
O’Sullivan Graev & Karabell LLP (now O'Melveny & Myers LLP), Battle
Fowler LLP (now Paul Hastings LLP) and Schlumberger Ltd., and as a
founding partner of Convergence Capital Partners. Alex has worked on more
than 100 domestic and cross-border transactions in North America, Europe and
Africa.
Alex is a Senior Advisor to Governance and Transactions LLC, an advisory firm
established in 2003 by Mr. James L. Gunderson, former Secretary and General
Counsel of Schlumberger Limited, to assist boards, management and owners
with corporate governance, compliance, structuring and strategic transactions.
Alex is a frequent moderator and an interviewer at Expert Webcast roundtable
discussions attracting business leaders and leading professionals from around
the world.
Alex graduated magna cum laude from Middlebury College with a B.A. degree
in Economics and Italian and was elected to Phi Beta Kappa during his junior
year. In addition, he holds a J.D. degree from Columbia University Law School
and has studied at the University of Florence in Italy.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
+1 310 980 1718 mobile
+1 310 935 3826 office
ak@delmorganco.com
www.delmorganco.com

4. 3
Panelist: Josh Sussberg is a partner in the Restructuring Group of Kirkland & Ellis
LLP. He represents debtors, creditors, equity holders, sponsors and investors in all
aspects of restructuring distressed companies.
Josh's practice includes advising clients with respect to operations in chapter 11;
advising senior management, boards of directors and private equity sponsors of
financially troubled companies with respect to restructuring strategies; and providing
advice, negotiating and structuring financings and other commercial transactions. Josh
has a broad range of transactional and litigation experience across a number of industries
including television and radio broadcasting, home building, energy, manufacturing,
retail, airline, automotive and food and beverage. Josh has also represented clients in
multi-jurisdictional and cross-border matters.
Josh’s selected representative company-side matters in Retail include Toys“R”Us, Inc.,
The Gymboree Corporation, BCBG Max Azria Global Holdings, LLC, Barneys, Orchard
Brands / Appleseed’s, Movie Gallery, Inc., Ames Department Stores, Inc., among others.
Josh has been recognized as a leading lawyer in Chambers USA, America's Leading
Lawyers for Business each year since 2011. In 2017, Josh was selected to the American
Bankruptcy Institute’s inaugural “40 under 40” list which recognizes bankruptcy,
insolvency and restructuring professionals from around the world. Josh was named an
Outstanding Young Restructuring Lawyer by Turnarounds & Workouts in 2014. The
select list, which includes only 12 lawyers nationwide, recognizes attorneys under the
age of 40 who are leaders in the bankruptcy field. Josh was recognized as a "New York
Super Lawyer" in Super Lawyers magazine's 2013-2015 rankings. Previously he had
been recognized as a "Rising Star" in 2011 and 2012.
601 Lexington Avenue
New York, NY 90022
Joshual.sussberg@kirkland.com
www.kirkland.com
+1 (212) 446-4900

5. 4
Panelist: Frank Kaufman, CPA, is a Partner and National
Practice Leader, Retail, at Moss Adams LLP. He has been
directly involved in the retail industry since starting with Moss
Adams in 1983.
Frank is well-versed in multiple industry sectors, such as apparel
and consumer goods, as well as in various distribution models,
including traditional bricks and mortar, pure ecommerce, direct to
consumer, and cross-channel combinations. With a focus on
helping clients to grow and achieve their goals, Frank identifies
impactful industry trends, develops relevant strategic plans, and
assists in plan implementation. He spends a significant portion of
his time with clients during liquidity events, where preparation
and negotiation are integral for success.
Frank presents at industry events such as MAGIC’s Retail Forum
and is regularly quoted in the Orange County Business Journal,
Apparel News, TransWorld Business, Shop-Eat-Surf, and other
industry publications. He has co-authored the Moss Adams
Annual Retail Update since its inception.
2040 Main Street Suite 900
Irvine, CA 92614
frank.kaufman@mossadams.com
www.mossadams.com
(949) 221-4055

6. 5
Panelist: George P. Blanco is a Managing Principal of Enterprise Management Advisors, LLC
aka EMA Group. He is a senior executive with over 30 years of industry and consulting
experience, performing turnarounds and restructurings, and providing strategic and financial
advisory services. George has served as a Chief Restructuring Officer in over two-dozen
companies and successfully led consulting and restructuring efforts in dozens more. His retail
experience spans 30 years of consulting and has involved Fortune 500 companies and a broad range
of retail including apparel, grocery, sporting goods, C-stores, casual dining, furniture, specialty
food, and tire centers. His operational expertise ranges from merchandising to point-of-sale
systems and in-store operations.
Previously, George worked in the Big 4 accounting firm environment for more than 15 years, which
included serving as a partner and managing director in PricewaterhouseCoopers’ (“PWC”)
consulting and financial advisory services practices. Some of his brand name consulting clients
included International House of Pancakes (“IHOP”), Giorgio of Beverly Hills, Haagen-Dazs, Arco
Am/PM Stores, Allergan International, Mars Candy, Technicolor, and Unocal 76 among others.
George serves on the board of Methodist Hospital of Southern California and on the California
Hospital Association (“CHA”) Governance Forum Board. He served as President for the
Turnaround Management Association (TMA) – Southern California Chapter, as a trustee on the
National TMA Board, and as the TMA Western Regional Co-Chair. George also received the 2015
Humanitarian Award from the National Jewish Health Foundation for community service. And, he
was the Association for Corporate Growth: Award Winner for “Reinventing Finance & Operations –
2015.”
He is a Certified Turnaround Professional (“CTP”) and a Certified Insolvency and Restructuring
Advisor (“CIRA”).
He earned his MBA in finance from the UCLAAnderson Graduate School of Management and his
BA in economics and accounting from Claremont McKenna College.
601 S. Figueroa Street
Suite 4050
Los Angeles, CA 90017
gblanco@ema-group.com
www.ema-group.com
213-479-7900

7. 6
Panelist: Jim Baer is the President and Founder of CMBG Advisors, Inc. CMBG
advises on corporate restructurings and has extensive experience serving as the
assignee in numerous Assignments for the Benefit of Creditors (ABCs) for companies
of all sizes across various industries. Jim is also one of the founding partners of Baer
& Troff, LLP, and continues to work closely with its attorneys in restructuring
transactions for CMBG.
Jim’s legal practice experience includes serving as outside general counsel and
business advisor to numerous companies and individuals. He has also been closely
involved in financing for both venture capital firms and their portfolio companies.
Jim is frequently engaged to advise businesses, board of directors, and individuals on
corporate matters, including loan transactions, mergers and acquisitions, restructuring
transactions, and corporate securities issues.
In addition to his legal practice, Jim has served as an executive officer and a business
advisor for companies in a wide range of industries. He also has extensive experience
as a mediator.
Prior to joining Baer & Troff, LLP, Jim was head of the Corporate Department in the
Los Angeles office Katten, Muchin & Zavis. Previous to that, he practiced with
Gibson, Dunn & Crutcher, LLP.
A member of the American Bar Association and the Los Angeles County Bar
Association, Jim is also a past member of the Corporations Committee for the
Business Law Section of the State Bar of California.
212 26th Street, Suite 143
Santa Monica, CA 90402
+1 424.402.2091
jim@cmbginc.com
www.cmbginc.com

8. 7
Panelist: Neil Morganbesser is co-Founder and President & CEO of DelMorgan & Co.
where he provides senior leadership within the firm and helps oversee all client engagements. Mr.
Morganbesser is also CEO of Globalist Capital LLC, DelMorgan’s broker-dealer affiliate. Mr.
Morganbesser has over 25 years of experience providing financial and strategic advice to a full
range of clients, including entrepreneurs, large corporations, governments, family businesses,
private equity funds, and special committees of public companies.
Mr. Morganbesser has been affiliated with some of the leading institutions in the world, and his
experience ranges from representing the offshore owners in the sale of a small, private U.S.
company for $10 million to representing the special committee of a large, public company in a $9
billion negotiated management buyout with a highly complex financial structure.
Mr. Morganbesser has truly global experience with the most sophisticated transactions, across a
broad range of industries and in a large number of jurisdictions, as the lead banker on a wide
variety of transactional and other advisory assignments, including domestic and cross-border
mergers, acquisitions, joint ventures, sales and divestitures, restructurings, special committee
assignments, unsolicited acquisitions and hostile defense. With transactional experience in over
30 countries, Mr. Morganbesser has successfully advised on over 100 transactions.
Until May 2008, Mr. Morganbesser was the head of West Coast and Asia Mergers & Acquisitions
at Bear Stearns & Co., as a Senior Managing Director based in Los Angeles. Prior to joining
Bear Stearns in May 2001, Mr. Morganbesser was an investment banker in the Mergers,
Acquisitions and Restructuring Department at Morgan Stanley (in New York and Los
Angeles). From 1990-1993, Mr. Morganbesser was a corporate and M&A attorney at Wachtell,
Lipton, Rosen & Katz.
Mr. Morganbesser graduated with an A.B. magna cum laude in Applied Mathematics /
Economics from Harvard University (Phi Beta Kappa) in 1986 and received his J.D. and M.B.A.
degrees (Order of the Coif, with honors) from Stanford University in 1990.
100 Wilshire Blvd.
Suite 750
Santa Monica, CA 90401
(310) 319-2000
nm@delmorganco.com
www.delmorganco.com

9. 8
MAJOR TOPICS:
• Changing retail paradigm
• Industry landscape overview
• Technological disruptions
• Traditional retail v. e-commerce
• Maintaining growth and market share
• New business models – experiential engagement
• Healthy v. distressed
• Overview of recent bankruptcy filings: Wet Seal,
Payless ShoeSource, Toys-R-Us, other
• Watchlist: Neiman Marcus, JCrew, Talbots, other
• Restructuring alternatives
• Outlook for the future