Dillard's Cites Strengths

By Staff -- Home Textiles Today, 11/3/2008 12:00:00 AM

Little Rock, Ark. — —

Little Rock, Ark. — Southeastern regional department store operator Dillard's responded to a call by activist investors for changes to management by issuing a statement emphasizing its commitment to “maintaining our conservative financial posture.”

Dillard's pointed to its $1.2 billion credit facility that will have more than $500 million available even in November; its low long-term debt; its closing of 20 stores this year and reduction to just two new store openings in 2009; and its savings of some $50 million in 2008 by cutting advertising and SG&A expenses.