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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: tool dude who wrote (126319)	1/13/2004 10:13:55 AM
From: Sam Nizam	Respond to of 150070

CSCA creeping up.

To: tool dude who wrote (126319)	1/13/2004 10:25:47 AM
From: Rocket Red	Read Replies (2) \| Respond to of 150070

PLKC KA-BOOOOOOOOOOOOOOOOOOOOOOOOOOM :)

To: tool dude who wrote (126319)	1/13/2004 11:06:13 AM
From: Taki	Read Replies (2) \| Respond to of 150070

FTUS.53x.54=Chapter11UPDATE 1-Factory 2-U files for Chapter 11 bankruptcy UPDATE 1-Factory 2-U files for Chapter 11 bankruptcy (Adds details) CHICAGO, Jan 13 (Reuters) - Factory 2-U Stores Inc. <FTUS.O>, a low-price retailer that saw sales plummet in the key holiday shopping season, on Tuesday said it filed for Chapter 11 bankruptcy protection in order to restructure its financing and cut costs. The company has received a commitment for a $45 million debtor-in-possession financing facility from CIT Group Inc.'s <CIT.N> CIT Group/Business Credit Inc. and GB Retail Funding LLC, it's senior lenders, Factory 2-U said. The company, which sells discounted casual apparel and other items, posted a 5.8 percent decline in sales at stores open at least a year in the five weeks ended Jan. 4, while most retailers were reporting sales increases. On Dec. 23, the company, which replaced its chief executive earlier in the month, amended some of its credit agreements, requiring an accelerated payment of a $600,000 loan balance. The company, which filed for bankruptcy protection in Delaware, said it was conducting normal operations and has filed motions with the court to pay employees, honor gift cards and layaway, and continue its refund policy. Norman Plotkin and John Swygert, who had been serving as chief executive and chief financial officer, respectively, on an interim basis, were appointed to those posts on an official basis, the company said. Factory 2-U has retained Crossroads LLC as its restructuring and financial advisor, the company said. ((Reporting by Brad Dorfman; editing by Susan Nadeau; Reuters Messaging: bradley.dorfman.reuters.com@reuters.net; 312-408-8133;bradley.dorfman@reuters.com)) REUTERS * end of story *