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99 Cents quiet on store liquidation; Michaels mostly steady; distressed supply light
By Cristal Cody
Tupelo, Miss., April 4 – 99 Cents Only Stores LLC announced Thursday it plans to start an orderly wind-down of its business operations, though the outcome of its $350 million of outstanding secured bonds was unclear.
99 Cents Only Stores’ 7½% senior secured notes due 2026 (Caa2/CCC) were quiet but seen earlier in the week in thin volume, a trader said.
“They were last around 30,” the source said. “Don’t see much trading.”
The company said it has entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings and equipment at all 371 of the company's stores, starting Friday.
The company did not respond for comment regarding its bonds by press time.
Distressed arts and crafts retailer Michaels Cos, Inc.’s 7 7/8% senior notes due 2029 (Caa2/CCC-) went out mostly unchanged on the day at around the 75¾ bid range and holding on to gains of more than 5 points made in the prior week, a source said.
Volume was steady with $7 million reported.
Overall distressed trading supply was light Thursday with under $150 million of bonds reported traded over the session.
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