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Article: Z Gallerie Emerges from Chapter 11 with Recapitalized Financial Foundation; Retailer Maintains Family Ownership.
- Article from:
- Investment Weekly News
- Article date:
- November 14, 2009
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Z Gallerie, a privately-held retailer of home furnishings and decorative accessories, has emerged from Chapter 11 and completed its recapitalization in less than six months. The company also reached an agreement with Wells Fargo Business Credit on a $22 million exit financing package.
"We are pleased to have obtained support from our major constituencies and to have completed the process so quickly," said Mike Zeiden, Chief Financial Officer and co-founder. "The reorganization allowed us to achieve a recapitalization of our balance sheet that results in a stronger financial foundation. Combined with the rightsizing Z Gallerie accomplished before the filing, we ...