We've been very good diversifying our content away from that old #retailapocalypse + "Amazon Effect" narrative. If we do say so ourselves. But, sadly, retail issues haven't gone away and, in certain cases, they may actually be coming back. To point, this week The Wall Street Journal reported (paywall, upshot here if you don't have access) that rue21 is ALREADY struggling - mere months after emerging from bankruptcy. If so, Kirkland & Ellis LLP may want to hold off on celebrating this particular Turnaround Award.

Elsewhere in "deeply distressed" retail, Revlon Inc. ($REV) is busting the oft-repeated broad-brush narrative (by Jim Cramer and others) that beauty is killing it. Clearly not all beauty.