Women's apparel retailer Coldwater Creek Inc. on Monday said it reduced the quarterly fixed charge for its $60 million five-year revolving credit facility with Wells Fargo Bank.
The charge will be reduced for the remainder of the year. Coldwater Creek also agreed it will not buy back stock before May 2, 2009 and will maintain liquidity of at least $30 million through April 2009.
The amount available was unchanged.
At the end of fiscal 2007, the company had $62.5 million in cash and $115.8 million in working capital, with no borrowings under its bank facility.
In March, Coldwater Creek said it swung to a loss in its fourth quarter due to lower traffic in its stores and more clearance sales, but results met analyst expectations. Revenue fell 6 percent to $345.5 million, below analyst estimates.
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