Wilsons The Leather Experts in talks with lenders to change ratio requirements

By Sara Rosenberg

New York, March 4 - Wilsons The Leather Experts Inc. is currently working with lenders to modify ratio tests under the company's credit agreement.

"Our lenders have been supportive and we anticipate having a re-negotiated credit agreement in place in the near term," said Joel Waller, chairman and chief executive officer, in a news release.

The possible amendment of covenants was announced in conjunction with the company's fourth quarter and fiscal year 2002 earnings results. These results included a net loss from continuing operations of $14.3 million, or $0.71 per fully diluted share in 2002, versus net income of $4.6 million, or $0.26 per fully diluted share in 2001.

"This past fiscal year was a difficult period for Wilsons Leather for many reasons, including the sluggish economy, the dock strike on the West Coast, and a very disappointing holiday retail season. We have made and are in the process of making structural changes in our organization that we believe will put Wilsons back on track for profitability and acceptable shareholder returns," Waller said in the release.

Wilsons is a Brooklyn Park, Minn. specialty retailer of leather outerwear, accessories, apparel and travel products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.