Designer Brands Buoys Liquidity by Adding on More Debt
Footwear retailer Designer Brands (NYSE: DBI) announced today it was shoring up its financial position by replacing an existing cash flow revolving loan with a new asset-backed loan of the same amount. It is also taking out a new term loan to give itself more financial flexibility.
With almost all of its retail stores now reopened, Designer Brands also said it is accelerating its discounting program to clear out its seasonal and dress footwear inventory so that it can replace it with casual and athletic shoes, which are currently the big industry trend.
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Source Fool.com
