Plej’s comes out of Chapter 11

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."

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!