Companies Draw Down Credit Lines, Slash Prices to Raise Cash
Sending a strong signal that they don’t expect the Covid-19 recession to end anytime soon, brands and retailers are making moves to raise cash and grab as big a share of e-commerce demand as they can, while many stores sit shuttered. VF Corp. drew down $1 billion from its $2.25 billion revolving credit facility as “a proactive, precautionary measure” that it said would fund its expected working capital requirements through the end of Sep., its fiscal ’21 first half. VFC also withdrew the FY21 guidance that it provided in Jan., deferring until its earnings call in May for an update.
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