Joe is senior managing director for Development Specialists Inc., a global provider of management consulting and financial advisory services to companies in need of operational improvements, balance sheet restructuring or turnaround management.
His experience is concentrated in debtor advisory work managing and operating distressed businesses as a Chief Restructuring Officer, Chief Financial Officer, President, Director, Financial Advisor, Interim Manager and also in a variety of fiduciary capacities as Chapter 11 Trustee, Chapter 7 Trustee, Receiver, Assignee for the Benefit of Creditors, Liquidating Representative, Designated Party, Plan Agent, Liquidating Agent and Plan Trustee.
Mr. Luzinski began his accounting career in a manufacturing organization, concentrating on cost accounting and also worked as a financial controller of a computer software developer.
Mr. Luzinski won M&A Advisor’s Annual Turnaround Award for his work on HearUSA, Inc. in 2012, and again in 2013 for his work on Ruden McClosky, P.A.
Because the locations are so far-flung and beyond its owners’ ability to efficiently distribute to them, Lucky’s might have other plans. Either the owners are keeping the stores as a going concern because a deal to sell them all to a single buyer is in the works, or they plan to use the seven remaining stores to test a different concept.
If the company really does expect to keep the seven stores operating as they are now. I’m not overly optimistic there’s a core business there.Chapter 11 by itself might help fix the balance sheet but it doesn’t fix the business.31 January 2020