NO NAME STORES IN FINANCE PACT
NEW YORK — No Name Stores Inc. reported Tuesday that it has signed a $2.5 million financing agreement with Sterling National Bank & Trust Company of New York.
No Name, based here, operates 33 women’s specialty stores. It emerged from its 12-month-long Chapter 11 reorganization Dec. 31, 1994.
The retailer settled roughly $6 million in trade claims with a Chapter 11 payout of either a 30 percent cash dividend upon confirmation or a 60 percent payout over five years plus a pro rata share of 20 percent of the common shares in the reorganized company.