On the latest episode of the Debtwired! podcast, senior reporter Danielle Saba speaks with Holly Etlin, retail turnaround specialist at AlixPartners, about the restructuring options available to distressed retailers — from out of court deals to Chapter 11 filings and even the rare liability management exercises (LMEs).

Holly has worked with some of the largest U.S. retail companies and their creditors for over three decades. Holly opens the conversation with advice on sustaining a long and successful career in restructuring crisis management. Holly was a premed student back in college and shifted to economics to have a less narrowed educational focus and time for a social life too.

The conversation shifts to the current uncertain environment and how retailers are coping with proposed changes to tariffs under the current U.S. administration by deferring product shipments, splitting the costs with trade vendors, and bracing for the end-of-year shift in consumer spending.

Looking ahead, Holly sees 2025 as another year of retail wind downs, with 2026 shaping up to be defined by the impact of tariffs on inventory costs and consumer pricing.

The episode is also available on Apple Music or Spotify. Subscribe on either platform for notifications when new episodes release.