NANTUCKET INDUSTRIES GRANTED LOAN EXTENSION
NEW YORK — Nantucket Industries has been granted a stretch-out and reduction of principal payments on a term loan with Chemical Bank.
A payment of $500,000 had been scheduled for Dec. 22, and another $500,000 is due on March 15, 1996, under the old agreement. Now the bank has agreed to a payment of $100,000 on Dec. 31, and another $100,000 on Jan. 31, 1996. The balance of $800,000 is to be paid in 15 equal monthly installments starting March 31, 1996.
Nantucket, which manufactures Guess intimate apparel and Guess and other men’s underwear lines, earned $304,000, or 10 cents a share, on sales of $17.9 million in the six months ended Aug. 26. — Fairchild News Service