Casual Male Files for Bankruptcy
Casual Male Corp. has filed for Chapter 11 bankruptcy protection in a bid to reorganize its men's apparel business, the retailer said yesterday.The company, which reported total assets of $299 million and total liabilities of $244 million, filed the petition in New York.
Alan Weinstein, chairman/CEO of Casual Male, said in a statement that the company had pursued other capital market transactions but was unable to get the necessary financing.
Casual Male expects to have the financing to continue operations while it restructures. It has signed a $135 million post-petition credit facility, which will provide loans to the company to fund operations.
Casual Male, formerly J. Baker, operates retail shops that include 450 Casual Male Big & Tall stores and 135 Repp Ltd. stores as well as B&T Factory Store and Work 'n Gear shops.
The company also sells merchandise through its e-commerce business and catalog.
