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Stock Market & Financial Investment News

News Breaks
August 20, 2012
08:33 EDTDLIADelia's reports Q2 SSS up 14%
News For DLIA From The Last 14 Days
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December 15, 2014
17:12 EDTDLIAInvesture reports 20.8% stake in dELiA's
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December 8, 2014
07:32 EDTDLIAdELiA's, certain affiliates file for Chapter 11 bankruptcy
dELiA*s, along with certain of its subsidiaries, has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York in White Plains, NY on December 7. The company will continue to manage its properties and operate its businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. As previously announced on December 5, after exploring strategic alternatives to raise financing and/or engage in a sale, merger, or other form of business combination, the Company’s Board of Directors concluded that it was in the best interests of the Company’s stakeholders to close its retail stores and liquidate its assets, that it had entered into an agency agreement with Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC, to among other things, liquidate all merchandise owned by the Company and to dispose of certain furnishings, trade fixtures, equipment and improvements to real property with respect to the Company’s stores, and that it would commence a bankruptcy case to seek approval to conduct store closing and going out of business sales pursuant to the Agency Agreement. In connection with the bankruptcy filing, the Company is seeking customary authority from the Bankruptcy Court that will enable it to continue to operate and serve its customers during an orderly wind down of the business. The requested approvals include requests for the authority to make wage and salary payments, continue various benefits for employees, as well as honor certain customer programs for a limited time, such as gift cards and returns on merchandise purchased prior to the bankruptcy filing. All sales are final on merchandise purchased during the liquidation. In addition, the Company has negotiated a commitment for a $20M debtor in possession credit facility with Salus Capital Partners, LLC, which provides for immediate liquidity to continue operations and to conduct the store closing and going out of business sales while in bankruptcy. The DIP credit facility would subsume all of the Company’s obligations under its existing credit agreement with Salus, which has approximately $18.5M outstanding as of the date hereof. The Company currently anticipates that some recovery will be available to general unsecured creditors in the bankruptcy cases, but does not currently anticipate that any value will be available to holders of the Company’s common and preferred equity, although this will be determined upon the conclusion of the bankruptcy cases.
07:31 EDTDLIAdELiA's, certain affiliates file for Chapter 11 bankruptcy
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