RUBIN SIGNS DIP PACT WITH NORWEST
NEW YORK — Lillie Rubin, the women’s specialty chain reorganizing under Chapter 11, said Thursday it has signed a $5 million debtor-in-possession financing deal with Norwest Bank Minnesota N.A.
The deal requires bankruptcy court approval.
Miami-based Rubin filed for court-protected reorganization Feb. 2 and immediately closed 10 underperforming stores. The chain cited eroding sales over the past five years, which put it into the red.
The 49-unit chain does not expect any further store closings, a spokeswoman said.
— Fairchild News Service