Modell’s Filing Lists Balance Sheet Deficit of $68 Million
The declaration of chief restructuring officer Robert Duffy of Berkeley Research Group estimates that the balance sheet shows assets of $220 million against liabilities of $288 million for the business which had sales of $490 million and purchases $225 million in inventory from about 250 vendors during the course of the year. The secured obligations are some $29.6 million on its revolver, $9.2 million on a term loan and another $4.6 million for letters of credit. Unsecured claims are said to be in excess of $100 million, including vendors and landlords. The filing didn’t specify a value for the current ... Log in to view full article.