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CHRS explores strategic alternatives for Non-Core Misses Apparel

26 Apr '08
3 min read

Bern continued, "Additionally, despite our strong liquidity, which includes cash on the balance sheet and a fully-committed line of credit, we have made the generation and conservation of cash a priority during the current economic downturn.

To that end, our ongoing review of our operations and strategic assets has determined that we are able to commit to further reduce our budgeted capital expenditures by an additional $20 million during the current fiscal year, which will be generated from both reduced spending on store infrastructure and growth and from further capital reductions in non-critical infrastructure improvements.

This reduction is in addition to our previously announced reduction of $43 million for fiscal year 2009. In total, this $63 million reduction in planned capital spending for the current year now represents a decrease of nearly 50% compared to our fiscal year 2008 capital expenditures.

"Further," Bern stated "we believe a refinancing of certain of our real estate assets would generate meaningful additional net cash proceeds to the Company. As a result, we anticipate executing on this refinancing during the second quarter of the current fiscal year."

Charming Shoppes Inc

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