Short Pump-Based S&K Pays Off Debt, Will Keep Stores Open
March 31, 2009 - 2:37 pm
By Trevor Dickerson
Short Pump-based S&K Famous Brands, a leading nationwide menswear retailer who filed for Chapter 11 bankruptcy protection on February 9, has finally paid off a $13 million line of credit given to them by the US bankruptcy court in downtown Richmond as part of their filing. Sources familiar with the company say S&K only used around $7 million of the credit line to reorganize its operations. The company would likely have had to liquidate its assets had it not paid the debt off by the end of April.
Repayment was financed in part by the sale of S&K’s corporate headquarters at West Broad Street and Interstate 64, which was purchased by TGM Realty Investors Inc., part of locally-owned Thalhimer Commercial Real Estate, for $5.8 million. The parcel includes a two-story office building, a 110,000 square foot distribution warehouse and an S&K retail store. S&K now seeks a buyer to help it get back on its feet. President and CEO Joseph A. Oliver, III said the company could be sold for around $3 million.
Excellent news.
[...] in part by the sale of the headquarters, S&K paid off a $13 million line of credit given to them by the US bankruptcy court in downtown Richmond as part of their filing. Sources [...]
[...] in part by the sale of the headquarters, S&K paid off a $13 million line of credit given to them by the US bankruptcy court in downtown Richmond as part of their filing. The [...]