Beales in the Red, Refinances ABL With Burdale
Retail-Week.com reported that Beales, a department store in the UK, secured an asset-based refinancing with Burdale Financial, a Wells Fargo Capital Finance company, after the retailer fell into the red as like-for-likes dropped 5.6% in 2012.
The article said that Beales had amended and extended its revolver last June and refinanced its debt last month. Retail-Week.com said that the company noted softer than expected trading put it in danger of breaking its commitments.
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