September 11, 1997 |
Clothestime Inc. said Wednesday that a bankruptcy court has signed a reorganization plan, clearing the way for the struggling apparel company to emerge from bankruptcy. Clothestime and its affiliates will continue to operate more than 260 women's apparel stores located primarily in California, Florida and Texas. Under the plan, which was filed March 21, creditors will own 75% of the reorganized company's common stock. The remaining 25% of the stock will be distributed to company management.
July 30, 1997 |
Clothestime Inc. creditors aren't the only ones clamoring for someone to "show me the money." The popular line from "Jerry Maguire," the recent feature film starring Tom Cruise and Cuba Gooding Jr., was repeated again and again during a U.S. Bankruptcy Court hearing Thursday in Santa Ana. The hearing was held to determine which reorganization plan was going to be forwarded to creditors of Anaheim-based Clothestime for approval.
July 25, 1997 |
Clothestime Inc. on Thursday took its first step toward exiting bankruptcy proceedings when a judge authorized the company to mail copies of a proposed reorganization plan to the firm's creditors. The struggling apparel company owes landlords, banks and other creditors a total of $50 million. The plan that creditors will vote on during coming weeks includes a $3.
June 7, 1997
Clothestime Inc., the struggling apparel chain, narrowed its losses in the first quarter while revenue slipped, the company reported Friday. Clothestime lost $3.4 million, or 24 cents a share, in the three months ended April 26, compared with a net loss of $5.8 million, or 41 cents a share, a year ago. Revenue dropped 2.8% to $42.5 million from $43.7 million a year earlier. Clothestime operates 322 junior women's stores in 17 states and Puerto Rico. The chain hopes to leave U.S.
May 8, 1997 |
The judge in Clothestime Inc.'s bankruptcy case said Wednesday that he will allow the chain's founder, current managers and a clothing company to offer competing reorganization plans. The managers, led by Clothestime Chairman David A. Sejpal, previously had sole rights to negotiate with Clothestime's creditors. A creditors committee had backed their plan.
April 10, 1997 |
Former Clothestime Chairman John Ortega II on Wednesday said that he's formed an investor group that is crafting a reorganization plan that would allow the junior women's apparel chain to exit bankruptcy proceedings. Details of the plan were sketchy, but Mark Worchester, Ortega's attorney, said the former Clothestime executive's group would pump "new money" into the ailing retailer.