Reformation ($REF) IPO Forensics: A $90m Dividend to Permira Six Weeks Before Pricing, $117m of $120m Proceeds to Lenders, and Nine Finance and Accounting Departures in 18 Months
Six weeks before its July IPO, Reformation borrowed $92m to pay a $90m dividend, mostly to Permira. $117m of the $120m raised went straight back to lenders. Add a CFO gone before the S-1, six finance and accounting departures in ten months, €318 dresses made from wood pulp and...