TAPEMEASURE GETS FINANCING; DROGIN RETURNS TO COMPANY
Byline: Rich Wilner
NEW YORK — Tapemeasure Enterprises, the contemporary sportswear company that is reorganizing under Chapter 11, has signed a financing agreement with Century Business Credit.
In another development, Marsha Drogin has returned to the company as director of design.
The open-ended financing deal covers roughly 80 percent of the accounts receivable, according to Debra Gruskin, of Angel & Frankel, counsel to the debtor.
Tapemeasure, which filed for bankruptcy court protection Oct. 28, also asked the court to extend to March 13 its right to assume or reject certain leases. A hearing on the matter is scheduled for Jan. 5.
As reported, Drogin, wife of Michael Dayan, president and chief executive officer, left the company when it filed its petition. Drogin became vice president of marketing and merchandising at Body Action Design, where she worked for about five weeks.
Drogin said Wednesday that she returned to Tapemeasure because “this is where I belong.”
“I had been at Tapemeasure for 17 years and you really can’t leave a family business,” she said. Madelyn Karp, a senior account executive, who left Tapemeasure for Body Action Design along with Drogin, also returned to Tapemeasure, Drogin said.
Stuart Halper, chief financial officer of Body Action, said the posts held by Drogin and Karp were created especially for them and would not be filled.
He described the parting as “amicable.”
“It would have been difficult for her [Drogin] to work with a competitor while Tapemeasure is around,” Halper said.
Tapemeasure, which hasn’t shipped in several months, will start moving merchandise again in January, and heavier shipping is scheduled to begin in February, according to Drogin. — Fairchild News Service