Discount retailer Loehmann's said Monday it has emerged from bankruptcy protection, which it sought in November after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.
New York-based Loehmann's said it secured $45 million in financing while saying its restructuring eliminated $110 million in long-term bond debt, $14 million in interests and included $23 million in other cost reductions.
With the restructuring done, CEO Jerald Politzer is leaving Loehmann's, the company said. Joe Melvin, the company's chief operating officer and chief financial officer, will serve as interim CEO.
No comments:
Post a Comment