Get great content like this right in your inbox.
Stage Stores has brought in experts to help it rework its debt.
The company is working with Peter J Solomon to explore a refinancing of its bank debt, according to an emailed report from Debtwire. Kirkland & Ellis is acting as legal counsel.
Stage Stores is in the middle of a major transformation. In September, the retailer, whose brands include Bealls, Goody’s, Palais Royal, Stage and Peebles, announced plans to convert its entire store fleet to its off-price Gordmans banner, with a goal of reaching approximately 700 total off-price stores by mid-2020. As part of the overhaul, the company said it expected to close 40 locations during fiscal 2020. (Stage Stores entered the off-price channel in 2017 with its acquisition of Gordmans.)
But amidst the revamp, the retailer recently guided for earnings to come at the low-end of fiscal year 2019 guidance. The revision punctuated a challenging holiday period for the retailer in which its 1.4% comp store increase missed expectations, setting off liquidity concerns, said two sources involved in the company’s supply chain, according to Debtwire.
Stage Stores lists $365 million of debt, split between a $47.5 million term loan and USD $317 million of borrowings under its revolver. Liquidity-wise, the company has $447.5 million of availability, with the credit facility set to mature in December 2021, SEC documents show, Debtwire reported.
Written by admin
- Aswebman Designs
- Bed & Bath
- Halloween Mixed Shop
- Home Decor (Tapestries - Curtains - Pillows)
- Independence Day
- Licensed Merchandise
- Men Printed T-Shirts and Tees
- Plus sizes
- Protection Gear
- Ripped Jeans
- Sports - Ali
- Sweaters and cardigan
- Teespring askwebman store
- Trench Coat
- US Navy
- Women Dresses