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• Case | HBS Case Collection | April 2019 (Revised November 2019)

  Sears: The Demise of an American Icon

  Kristin Mugford and Sarah L. Abbott

  In 2019, ESL Investments’ offer to purchase Sears Holdings out of bankruptcy, was accepted, despite opposition. Was this the best outcome?

  Keywords: bankruptcy; reorganization; Bonds; Restructuring; Business Divisions; Transformation; Fairness; Borrowing and Debt; Credit; Insolvency and Bankruptcy; Corporate Governance; Motivation and Incentives; Retail Industry; United States;

  Citation:

  Mugford, Kristin, and Sarah L. Abbott. "Sears: The Demise of an American Icon." Harvard Business School Case 219-106, April 2019. (Revised November 2019.)  View Details

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• Case | HBS Case Collection | November 2019

  Constellation Brands’ Investment in Canopy Growth: Aiming High

  Stuart C. Gilson and Sarah L. Abbott

  In 2017, Constellation Brands, the U.S. based beverage company, acquired a 9.9% equity interest in the Canadian marijuana company, Canopy Growth. In 2018, Constellation announced a subsequent investment in Canopy—taking its ownership interest to 37%. However, Canopy’s performance had been volatile and net losses had increased since the investment. In an effort to get into the cannabis market early, had Constellation Brands been too early?

  Keywords: Equity Investment; marijuana; growth investing; new market development; beverage industry; Equity; Consulting Industry; Canada; United States;

  Citation:

  Gilson, Stuart C., and Sarah L. Abbott. "Constellation Brands’ Investment in Canopy Growth: Aiming High." Harvard Business School Case 220-044, November 2019.  View Details

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• Case | HBS Case Collection | January 2011 (Revised July 2019)

  Houghton Mifflin Harcourt

  Stuart C. Gilson and Sarah L. Abbott

  One of the leading publishers of textbooks and other educational materials for the U.S. K-12 educational instruction market has suffered a dramatic decline in sales and profits in the wake of the 2008-2009 financial market crisis and economic recession, and is now overburdened with debt. To regain its competitiveness the company has to significantly reduce its debt, by billions of dollars. Company management is trying to decide which of several options is best for achieving this goal, including filing for Chapter 11 bankruptcy, restructuring its debt out-of-court, or filing a “pre-packaged” Chapter 11 bankruptcy.

  Keywords: Restructuring; Capital Structure; Financial Crisis; Insolvency and Bankruptcy; Decision Choices and Conditions; Publishing Industry; Massachusetts;

  Citation:

  Gilson, Stuart C., and Sarah L. Abbott. "Houghton Mifflin Harcourt." Harvard Business School Case 211-027, January 2011. (Revised July 2019.)  View Details

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