Boy, now there's a cigar butt!
With the most recent write down, BV decreases to about $3. Sales comps., released today, decreased from -8% in Jan. to -13% in Feb.
And then, the capper, from a 2/21 release:
As a result of its 2001 financial performance, including the estimated loss recorded in the fourth quarter for the disposition of its credit card business, the company is not in compliance with certain of its 2001 loan covenants. The company stated that it is currently working closely with its bank group and its majority shareholder to restructure its credit facilities.
Zaepfel stated, ``We have strong support from our majority shareholder and are confident that we will be able to secure the necessary financial support. Our goal is to have new financing arrangements in place by mid-April. In the interim, with the support of our majority shareholder, we have adequate liquidity and cash flows to fund our day-to-day operations. Additionally, the anticipated sale of the credit card business will reduce our debt and capital requirements.''
Well, I wish you luck, no guts, no glory, but I wouldn't say things are going all that well for Eddie Bauer et al. |
