NEW YORK -- Merry-Go-Round Enterprises received final bankruptcy court approval Tuesday of a $125 million debtor-in-possession CIT Group Business Credit.

MGR filed its Chapter 11 petition last month in Baltimore after it was unable to line up a new bank deal. In addition to the financing package, the chain has about $100 million in cash.

As reported, MGR is likely to close up to 200 of its 1,450 stores this year as part of the reorganization.

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