Cash-strapped NexCen Brands Inc. said it received “numerous expressions of interest” in its Bill Blass and Waverly brands and that it inked an agreement with its lender that will provide some additional financial breathing room, at least until July 17.
The agreement with BTMU Capital Corp. gives NexCen access to additional cash from its lockbox accounts and limited forbearance from “certain alleged defaults.” The company agreed to give monthly rather than quarterly updates on its operations and cash flow to the lender.
“This agreement is an important step in enabling us to continue to implement our operating plans for both our license and franchise businesses,” said Robert W. D’Loren, chief executive officer.
The company fell on troubled times last month when it disclosed that $30 million of the $70 million it borrowed to acquire Great American Cookies must be paid down by Oct. 17. Since then, NexCen has been working to slim its operations. On Friday, it said it had reduced its total workforce by 10 percent, a move expected to reduce cash outlays by about $3.5 million.
NexCen also confirmed that Bill Blass was up for sale, something which has been understood in the market for some time. “The company has received numerous expressions of interest in both the Bill Blass and Waverly brands from domestic and international strategic and financial buyers,” said NexCen.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
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