Retail briefs
Staff -- Home Textiles Today, 7/9/2001
Ames receives financing to propel Back-to-School season
ROCKY HILL, CT — Setting up a fresh infusion of cash to pay merchandise suppliers and stock its shelves for the Back-to-School season, regional discounter Ames Department Stores said it is finalizing a new $75 million financing pact with shopping center owner Kimco Realty Corp.
The fresh financing will be secured by leasehold interests on some of Ames stores, said the retailer.
Under the terms of the deal, up to $75 million will be provided to Ames, "at competitive interest rates," the company reported. The financing will be available for Ames' "unrestricted use for working capital and general corporate purposes, and will provide increased liquidity for Ames' retail operations," said the retailer.
Cone Mills extends credit agreements
GREENSBORO, NC — Cone Mills said it has cut a deal with its lenders to extend its existing credit facilities through Nov. 7, 2001.
The terms of the amended agreements "are essentially unchanged except for the deferral of scheduled principal payments until Nov. 7," the company said. Cone said the extension will allow the company time to put into place its previously announced Reinvention Plan, and will enable completion of due diligence related to a new credit pact.
Hanover Direct sells part of Improvements to HSN
WEEHAWKEN, NJ — Hanover Direct Inc. has completed the previously announced sale of some of the assets and liabilities of its Improvements business to HSN, a division of USA Network's Interactive Group, for about $33.4 million.
Hanover said its Keystone subsidiary will continue to provide fulfillment services for the Improvements business for up to three years under a services agreement.
