Court OKs Garden Ridge reorg plan.(Retail Briefs)(Brief Article)

Home Textiles Today, May, 2005

The Delaware Bankruptcy Court last week confirmed Garden Ridge's plan of reorganization. The plan provides for the distribution of preferred stock to general unsecured creditors and cash distributions to convenience creditors and qualified reclamation creditors. The plan is based on a $25 million equity infusion from Three Cities Research and assumes $80 million in exit financing.

"We expect the effective date of the plan to be on or about May 10," said Don Martin, chief restructuring officer of Garden Ridge.