J.Jill Announces Extended Forbearance
September 25 2020 - 4:05PM
Business Wire
J.Jill, Inc. (NYSE:JILL) (“the Company”), today announced that
the Company and its lenders have further amended the Company’s
existing Forbearance Agreements, dated as of June 15, 2020 (the
“Existing Forbearance Agreements”) to extend the forbearance
period, providing additional time for J.Jill and its lenders to
complete negotiations. The forbearance period has been extended to
October 1, 2020.
As previously announced, the Company entered into the two
Existing Forbearance Agreements, as amended on August 31, 2020
(collectively with the further amendments, the “Forbearance
Agreements”) with the lenders under its ABL and term loan credit
facilities. The Existing Forbearance Agreements are described in a
Current Report on Form 8-K filed by the Company with the SEC on
June 15, 2020, and available on the SEC’s Edgar website as well as
the Company's website, which includes the full text of the
agreement as an exhibit.
Under the amendments to the Existing Forbearance Agreements, the
respective lenders have agreed not to exercise any rights and
remedies until October 1, 2020 so long as, among other things, the
Company otherwise remains in compliance with its credit facilities
and complies with the terms of the Forbearance Agreements.
About J.Jill
J.Jill is a premier omnichannel retailer and nationally
recognized women’s apparel brand committed to delighting customers
with great wear-now product. The brand represents an easy,
thoughtful and inspired style that reflects the confidence of
remarkable women who live life with joy, passion and purpose.
J.Jill offers a guiding customer experience through approximately
280 stores nationwide and a robust e-commerce platform. J.Jill is
headquartered outside Boston. For more information, please visit
www.jjill.com or http://investors.jjill.com.
Forward Looking Statements
This press release contains, and oral statements made from time
to time by our representatives may contain, “forward-looking
statements.” Forward-looking statements include those identified by
words such as “could,” “may,” “might,” “will,” “likely,”
“anticipates,” “intends,” “plans,” “outlook,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on our current
expectations and assumptions regarding capital market conditions,
our business, the economy and other future conditions. Because
forward-looking statements relate to the future, by their nature,
they are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict. As a result, our
actual results may differ materially from those contemplated by the
forward-looking statements. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the
impact of the COVID-19 epidemic and political unrest on the Company
and the economy as a whole; the Company’s ability to adequately and
effectively negotiate a long-term solution under its outstanding
debt instruments; risks related to the Forbearance Agreements,
including the duration of such agreements and the Company’s ability
to meet its ongoing obligations under such agreements; the
Company’s ability to take actions that are sufficient to eliminate
the substantial doubt about its ability to continue as a going
concern; the Company’s ability to develop a plan to regain
compliance with the continued listing criteria of the NYSE; the
NYSE’s acceptance of such plan; the Company’s ability to execute
such plan and to continue to comply with applicable listing
standards within the available cure period; risks arising from the
potential suspension of trading of the Company’s common stock on
the NYSE; regional, national or global political, economic,
business, competitive, market and regulatory conditions, including
risks regarding our ability to manage inventory or anticipate
consumer demand; changes in consumer confidence and spending; our
competitive environment; our failure to open new profitable stores
or successfully enter new markets and other factors set forth under
“Risk Factors” in our Annual Report on Form 10-K for the fiscal
year ended February 1, 2020. Any forward-looking statement made in
this press release speaks only as of the date on which it is made.
J.Jill undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future developments or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200925005450/en/
Investors: Caitlin Churchill ICR, Inc.
investors@jjill.com 203-682-8200
Media: Jessica Liddell ICR, Inc. jjillPR@icrinc.com
203-682-8200
J Jill (NYSE:JILL)
Historical Stock Chart
From Mar 2024 to Apr 2024
J Jill (NYSE:JILL)
Historical Stock Chart
From Apr 2023 to Apr 2024