- We reduced our debt by more than $90 million during the past 12 months and secured financing for store remodels, primarily by executing multiple sale-leaseback transactions;
- We successfully refinanced our Senior Secured Credit Facility earlier this month, which enabled us to increase our borrowing capacity at a lower cost and, as a result, have strengthened our liquidity position. As of October 27, 2012, the Company had approximately $64 million of cash and credit available;
- With the completion and re-opening of three remodeled stores in October, we now have 8 stores in our new neighborhood format and are pleased with the positive results thus far;
- We have a seasoned team of executives with deep retail expertise, including Samantha Osselaer who will be joining us on November 5 th as the Company’s new Vice President of Marketing;
- As previously announced, we engaged Moelis & Co. to lead us in the refinancing efforts of our Senior Secured Term Loan. As a first step in this process, the Company obtained a short-term waiver from our current term loan lenders related to compliance with the leverage ratio covenant for the October 27, 2012 measurement period. Additional information related to the waiver was filed on Form 8-K today with the SEC.
Orchard Supply Hardware Stores Corporation Announces Update On Progress With Key Operating And Financial Initiatives Under Long-Term Repositioning Strategy
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.