I didn't read the article ( I don't care enough to subscribe to Bloomberg news) however it appears they are out looking for $$....let's see if they get it....
Belk Seeks $500 Million in Fresh Financing With Help from KKR
Department-store chain wants to
refinance, build reserves
IP and credit-card royalties considered as collateral options
Let's see..
this company is operating week to week, much like the employees working there, living paycheck to paycheck.
Not only pressure to open but trying to get people to use the card....an something someone actually wants to buy.
The website is a hot mess...try an shop Polo clearance and most of it is sold out but still listed....why?
How are the top 50 doing? An those tiny stores in Texas must be dance floor...how do you even make plan without product?
I could only find it under Bloomberg also. I don't know how they can do it, especially with their credit being down graded already. We will see.
If they are planning on using credit card collateral, that means more pressure on us to open credit.