A customer exits after shopping at a Macy's store. Photo: Reuters/Brendan McDermid

“Retail is going through some pretty difficult times,” Scott Adelson of investment bank Houlihan Lokey said Tuesday in a Bloomberg Television interview. “That’s the one sector that really stands out.”

Houlihan Lokey has specialized in bankruptcies for over 40 years, and Adelson says the outlook for restructuring business has improved recently, in part driven by retail struggles. Shares of the bank are up 18% this year to US$36.58.

A survey of 200 restructuring experts conducted by AlixPartners found that the majority saw an increase in business moving forward with retailers leading the way.

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