Daily News: February 11, 2013

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.

To read the entire Retail-Week.com story, click here.