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Strategies & Market Trends : Making Money is Main Objective

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To: Softechie who wrote (1076)	4/13/2001 8:45:10 PM
From: Paul Kern	of 2155

Friday April 13, 6:22 pm Eastern Time Warnaco Receives Waiver NEW YORK (AP)-- The Warnaco Group Inc. said Friday that it has received a waiver of certain financial covenants from its lenders through May 16, and is continuing discussions to secure permanent amendments to the covenants to avoid possible default. The waivers previously had been extended through mid-April. Warnaco, the maker of Olga bras, Speedo swimwear and Calvin Klein jeans, last month reported a wider-than-expected loss in its fourth quarter, ended Dec. 30. It also saw revenues decline to $546.34 million, from $603.20 million in the year-ago period. Warnaco announced last month it will not return to profitability until 2002 and that it planned to cut 1,000 jobs this year.

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