Winter Harbor LLC

“Herb” Philipson's ARMY AND NAVY STORES, INC.


“Herb” Philipson's is a chain of retail stores located in central and upstate New York, offering outdoor apparel, athletic and casual footwear, in addition to sporting, camping, fishing and hunting gear.  They have an annual revenue of $33 million, providing retail consumers with their outdoor apparel both in-store and online.  They refer to themselves as the "Outfitter for the Great Outdoors".  After nearly 70 years of multi-generational ownership, “Herb” Philipson's was put up for sale at the start of 2018.


Purchased in 2018, “Herb” Philipson's new owner sought assistance with assessing current business operations and developing a strategic restructuring plan. The Company required time to pay back creditors, as well as the capital to continue operating in a competitive market. “Herb” Philipson's was on the path to violating its covenant agreement.

Scope of Work

The objective of this engagement was to provide guidance to the Company’s senior management and board of directors related to its finances and business operations.

  • Assisted management with the development of cash flow forecasts and provided ongoing management.

  • Provided assistance with the Company’s daily cash management activities.

  • Assisted management with the negotiation of credit terms with its major vendors.

  • Provided advice and recommendations related to the Company’s restructuring options.

  • Assisted management with the compiling of data and analyses necessary to meet the reporting requirements requested by the Company's lenders.

  • Ensured covenant compliance and served as liaison between the Company and lender.

Engagement Outcome

Our assessment enabled the client to determine the best restructuring option at that time. “Herb” Philipson's pursued voluntary Chapter 11 bankruptcy filing, allowing business to resume as usual, while gaining access to additional capital to fund financial obligations.