Plej’s comes out of Chapter 11
May 2, 2005-- Home Textiles Today,
ROCK HILL, S.C. — Plej’s — the 26-unit linen and home decor retailer in the Carolinas and Georgia — today announced that it has emerged from the Chapter 11 reorganization process.
The 90-year-old company, its subsidiaries and affiliates, officially concluded its fast-track reorganization on April 12. Plej’s has also closed on $7.5 million in new exit financing provided by Wells Fargo Retail Finance. The credit facility, secured primarily by inventory, replaces a $10 million debtor-in-possession facility and will be used to meet ongoing working capital needs, including borrowings for seasonal purchases of inventory.
"This is a momentous day for Plej’s," said Joel Ostrow, chairman of the board. "The exit financing that compliments our revitalized capital structure will provide continued assurance to our vendors and landlords about our stronger liquidity position."