Friedman’s Declares Chapter 11

As expected, troubled Savannah, Ga.-based retailer Friedman's, the nation's third-largest jewelry chain, went into Chapter 11 after the company missed its holiday sales targets and main lenders curtailed its funding.Friedman's said the filing should provide it with the breathing room necessary to complete financial restructuring initiatives it embarked upon more than five months ago.The bankruptcy filing did not include the customary debtor-in-possession financing. At press time, however, the company had received up to $150 million in financing from a group of lenders led by Citicorp USA. Friedman's received interim court approval to borrow up to $40 million of the financing. This was to allow the jeweler to remain open through Valentine's Day on Feb 14. The rest of the financing is intended to carry it through the rest of the filing.Chief executive officer Sam Cusano said the filing wil
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