Big M Obtains DIP Financing From Salus Capital
Salus Capital Partners provided a $13.2 million debtor-in-possession (DIP) facility to Big M. Operating as Mandee and Annie Sez, Big M is a family-owned retailer of women’s apparel and accessories. The financing will be used by the company for working capital as it operates under the protection of Chapter 11 of the U.S. Bankruptcy Code.
“Over the past year, Big M has successfully cut overhead, repaid indebtedness, and closed underperforming stores. Our filing is designed to give us the time needed to emerge a stronger company. We are grateful for the close working relationship we have with Salus Capital,” said Glenn Langberg, chief restructuring officer of Big M.
“We are pleased to provide a DIP Facility to Big M that will provide the time critical resources for the Company to evaluate its strategic go-forward plan,” said Kyle C. Shonak, SVP, Special Opportunities of Salus Capital. “It is our hope that this facility will enable the Mandlebaum Family and its strategic advisors to take the necessary measures and emerge a successful and efficient business serving the fashion conscious woman.”