Salus Closes $20MM DIP Facility for dELiA*s
Salus Capital Partners announced it has provided a $20 million debtor-in-possession (DIP) facility to dELiA*s, an omni-channel retail company primarily marketing to teenage girls. 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.
Under the supervision of the court, the New York-based company will close all existing stores and distribution centers and conduct going out of business sales. dELiA*s is determined to take this action after being unable to find a merger partner, or obtain an acquisition or financing proposal enabling the company to remain a going-concern.
Previously on abfjournal: Hilco, Gordon Brothers to Agent dELiA*s Liquidation, December 8, 2014