Kmart reconsiders additional funding

Troy, MI — Kmart said that its liquidity is sufficient and that it will not seek authority to increase the size of its current $2 billion debtor-in-possession credit facility.

The retailer, which filed for Ch. 11 in January, said its latest projections show that at the peak of seasonal inventory build it will have $1.1 billion of cash and available credit under the DIP facility, enough to meet its post-petition obligations to vendors.

Earlier this month, Kmart said it would seek authority from lenders to boost the maximum size of the DIP facility by up to $500 million, in order to provide additional comfort to suppliers and the factoring community.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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