Loyalty Ventures Inc. has hired PJT Partners Inc. to advise on how to restructure its debt less than a year after the company was spun off from Alliance Data Systems Corp., WSJ Pro Bankruptcy reported. The Texas-based loyalty-programs operator owns and operates the Air Miles Reward Program, which is popular in Canada, and the BrandLoyalty program for grocers and other retailers. The company also creates custom loyalty programs to help retailers retain their customers. The company had about $600 million in long-term debt and about $224 million in liquidity at the end of June, according to its second-quarter earnings report. It recorded about $442 million in losses for the quarter. The company attributed business challenges to a volatile economic environment caused by geopolitical tension, higher energy prices, inflation and declining consumer confidence, Chief Executive Charles Horn said last month. It also has been losing clients to other loyalty-program operators.
