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Hoop & its subsidiaries announce filing of Chapter 11

27
Mar '08
In order to assist in the financing of the wind-down of Hoop's affairs, and subject to court approval, Hoop has executed a debtors-in-possession credit facility with Wells Fargo Retail Financing, consisting of a $35 million revolving credit facility, including a sub-facility for letters of credit.

Hoop has appointed a Chief Restructuring Officer, Perry M. Mandarino of Traxi, LLC, a firm that specializes in restructuring. Mr. Mandarino will work with Hoop's Board in guiding the business through the Chapter 11 process.

Hoop Holdings, LLC and its subsidiaries design, contract to manufacture and sell merchandise under the licensed "Disney Store" brand name. As of March 24, 2008, Hoop owned 322 Disney Stores in North America.


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