*Frederick's of Hollywood Files for Chapter 11

Share this article:
Lingerie cataloger and retailer Frederick's of Hollywood said yesterday it has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Central District of California.


Frederick's, Hollywood, CA, will continue to operate all of its divisions, including more than 200 retail stores in 40 states, while it restructures its debt. The company said it has received a commitment for new financing from Ableco Finance LLC, an affiliate of Cerberus Capital Management L.P. and Gabriel Capital Group. The funds will be used, subject to bankruptcy court approval, to fund operations and purchase inventory.


Frederick's has also contracted with Crossroads LLC, a turnaround management and financial advisory firm, and the retailer has retained the law firm Klee, Tuchin, Bogdanoff & Stern LLP to help manage the restructuring process.


Linda LoRe, who replaced Terry Patterson as president/CEO of the company last year, will remain in that position and James Skelton, a principal of Crossroads LLC, will become chief operating officer and the responsible party for managing the bankruptcy process.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Complexity's What Marketers Got, Simplicity's What They Want

Complexity's What Marketers Got, Simplicity's What They Want

Customer insights managers want campaign management tools to remain easy to use, even as they up their games with multi-layered campaigns.

Wine.com Uncorks New Digital Marketing Opportunities

Wine.com Uncorks New Digital Marketing Opportunities

The online wine retailer's strategy incorporates different flavors and depths.

93% of Companies Are Ineffective at Cross-Channel Marketing

93% of Companies Are Ineffective at Cross-Channel Marketing ...

Companies point to a lack of resources as the most common reason for lackluster marketing integration, a study says.