Wickes asks for deferrals.(Wickes Furniture Company Inc.)
Furniture-Today, January, 2008 by Engel, Clint
By Clint Engel
Says delay needed to obtain new equity
Wheeling, Ill.- Wickes Furniture is asking suppliers to sign an agreement that would postpone the retailer's payment of its past-due debt until July 2009.
In a draft document of a "vendor modification agreement" obtained by Furniture/Today, the Top 100 chain said that Wickes Holdings LLC, possibly with other investors, has agreed to invest $10 million of new equity into the retailer if Wickes obtains concessions from its merchandise vendors.
The proposed agreement lays out the total past-due amount the retailer owed the supplier as of Dec. 31, then proposes that Wickes will repay one-sixth of the amount monthly over six months starting July 31, 2009.
It's unclear...
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