Bloomberg: Dots Files for Bankruptcy; Owes Salus $30.6MM
Bloomberg reported Dots, a 400-store clothing chain for young women, filed for bankruptcy protection, blaming prior management, the economy and leases that cost too much.
Bloomberg said further the company arranged to borrow $36 million to keep operating as it reorganizes under court protection and implements a new merchandising strategy, according to an e-mailed statement.
According to Bloomberg , the company owes Salus Capital Partners about $30.6 million and has about $47 million in unsecured debt owed to various creditors, including vendors.
Previously on abfjournal: Salus Capital Partners Completes Dots Refinancing, September 16, 2013
To read the entire Bloomberg story click here.