Looks like it is starting--they just made their banks happy
MONROVIA, Calif.--(BUSINESS WIRE)--Jan. 29, 1997--Barry's Jewelers Inc. (NASDAQ/NM:BARY) Wednesday reported that it has achieved compliance with all covenants under its banking agreements with Bank Boston and other lenders.
The company said that in addition to clearing past covenant defaults, it has negotiated new covenants under those agreements. The company earlier reported to the Securities and Exchange Commission that it had defaulted on certain banking covenants.
Robert W. Bridel, president and chief executive officer of Barry's Jewelers, said: ``We are very pleased with the level of support and cooperation we have received from our lenders as we work to restore Barry's to a sound financial footing.
We are now in compliance with all covenants, and we are optimistic that our efforts to improve Barry's fundamentals will enable us to remain so in the future.''
Barry's Jewelers, one of the nation's largest independent retailers of fine jewelry, operates retail jewelry stores in 18 states throughout the country, primarily in California, Texas, Arizona, North and South Carolina, Utah, Montana, Colorado, Ohio and Indiana.
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