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News Flash
Phoenix Footwear makes very measurable progress
20 May '09
4 min read
The Company's funded bank debt totaled $7.9 million as of May 16, 2009 down from $13.1 million as of April 4, 2009. The Company continues to be in default under its revolving line of credit and is seeking amendments and waivers as well as increased borrowing availability. However, there is no assurance that the Company will obtain either.
Commenting, CEO Rusty Hall said, "The first quarter marked a continuation of an extraordinarily challenging retail environment. Our focus has been on taking significant actions to ensure we have both a capital structure and cost structure that allows us to exit this downturn as a viable and healthy enterprise. Towards that end, we have made very measurable progress; the benefits of which will be visible in the upcoming quarters."
Commenting, CEO Rusty Hall said, "The first quarter marked a continuation of an extraordinarily challenging retail environment. Our focus has been on taking significant actions to ensure we have both a capital structure and cost structure that allows us to exit this downturn as a viable and healthy enterprise. Towards that end, we have made very measurable progress; the benefits of which will be visible in the upcoming quarters."
Phoenix Footwear Group Inc
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