November 8, 1994
Cherokee Inc. said it filed its prepackaged Chapter 11 reorganization petition Monday in federal Bankruptcy Court in Delaware. It was reported that the Sunland apparel maker listed $107.1 million in assets and $122.8 million in debts. It is the second Chapter 11 filing for the company, which has been burdened by debt from a 1989 leveraged buyout. As previously announced, Cherokee's bankruptcy plan calls for swapping all its 11% senior subordinated notes due in 1999 for about 89.
October 18, 1994
Cherokee Inc. announced its plan to enter a prepackaged bankruptcy reorganization by the end of the year. It would be the second Chapter 11 filing for the debt-plagued Sunland apparel maker. Last week, the company said that a key element of the plan was in place, with the agreement by a bondholders committee to swap long-term debt for common stock. Under the plan, all of the company's 11% senior subordinated notes due in 1999 would be swapped for about 89.
CALIFORNIA | LOCAL
October 7, 1994
The uniforms have finally arrived at La Mesa Junior High School in Santa Clarita after a month's worth of delays that angered parents and school officials, but delighted students who viewed the uniform policy as too restrictive. A bizarre assortment of problems, including a truck hijacking and computer malfunctions, delayed delivery of the clothing that was supposed to reach students by Sept. 8, the first day of school.
July 5, 1994
Cherokee Inc., the debt-heavy Sunland apparel maker, announced it has received proposals from two investors that could lead to infusions of cash equity. Both proposals require concessions from holders of Cherokee's 11% senior subordinated notes due in 1999, but neither would affect trade creditors, the company said. The company said it has hired a financial adviser to evaluate the proposals, and holders of the senior subordinated notes have been asked to form an informal committee.
May 6, 1994 |
Since Cherokee Inc. emerged from its bankruptcy reorganization last May, nothing has been quite the same at the clothing and shoe company. Guess? Inc. co-founder Georges Marciano and Saudi businessman Abdullah Taha Bakhsh have scooped up Cherokee's stock. Together they own about 32%. Cherokee Apparel, the company's main division, is now being run by a team of former Lee Apparel executives. Even Cherokee's 20-year-old Indian head logo is history.
April 19, 1994
Cherokee Inc., a Sunland-based maker of women's clothes and shoes, reported a fiscal third-quarter loss of $3.88 million on a 44% decline in sales from a year earlier. The loss in the quarter ended Feb. 26 was about the same as that of a year earlier. But revenue in the latest quarter plummeted to $24.7 million, from $44.4 million a year earlier, partly because the company has been restructuring. Its new line of clothes will be shipped in June. For the nine months ended Feb.
January 25, 1994
Cherokee Inc., the Sunland-based maker of apparel and footwear, reported a fiscal second-quarter loss of $4.9 million because of a $6-million charge to restructure and implement a new operating strategy. Cherokee said that before the onetime charge its operating income for the quarter ended Nov. 27 was $838,000. In the comparable quarter a year earlier, the company had an operating loss of $747,000 and a net loss of $5 million. Sales in the latest quarter dropped 19% to $26 million, from $32.
November 2, 1993 |
Robert Margolis, Cherokee Inc.'s chairman and chief executive, resigned Monday, rekindling speculation that French designer Georges Marciano, a Cherokee investor, wants to take a more active role in the maker of women's clothing. The 45-year-old Margolis, a 13-year veteran of Cherokee, recently steered it back to profitability after a bankruptcy reorganization.
November 2, 1993 |
Cherokee Inc.'s Chairman and Chief Executive Robert Margolis resigned Monday, rekindling speculation that French designer Georges Marciano, a Cherokee investor, wants to take a more active role in the women's clothing maker. The 45-year-old Margolis, a 13-year veteran of Cherokee who recently steered it back to profitability after it emerged from a bankruptcy reorganization, said he was leaving the company to pursue other entrepreneurial interests. Cherokee's stock rose $1.
October 19, 1993
Cherokee Inc., which emerged from bankruptcy reorganization in May, reported a profit of $297,000 for its fiscal first quarter, in contrast to a loss of $4.28 million a year earlier. For the three months ended Aug. 28, the Sunland-based women's clothing maker posted sales of $34 million, down 17% from $41 million in the comparable period a year earlier.