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Retailing

BRIEFLY

August 18, 1995| Times Staff and Wire Reports

Broadway's Loan Facility Increased: The Los Angeles-based department store chain said its working-capital borrowing was increased by $25 million and that Federated Department Stores Inc. will now provide it with credit support. Cincinnati-based Federated agreed this week to acquire financially troubled Broadway Stores Inc. in a stock swap valued at $1.6 billion including debt. Broadway's working capital borrowing facility was increased to $250 million from $225 million, and earnings and cash flow covenants were eliminated. Before its merger with Federated, a number of credit companies had refused to guarantee payment to vendors to Broadway and several suppliers had stopped shipments.

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