By  on May 15, 2013

Embattled Tandy Brands Accessories Inc. saw its net loss nearly triple as it endured sharply lower sales and a series of charges in its effort to reorganize its finances and operations.

The company reiterated that it expected to have a new credit facility in place by the end of the month and had signed nonbinding term sheets with lenders for financing at rates expected to range from 9.3 to 12 percent. A poor holiday season nudged Tandy out of the profitability requirements of its $35 million credit facility with Wells Fargo, which last month granted the Dallas-based firm a waiver on those covenants.

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