The re-openings will begin on Tuesday 5 May in Arkansas, Colorado, Florida, Georgia, Mississippi, Missouri, Oklahoma, South Carolina, Tennessee, Texas and Utah.
The company said its management is monitoring all markets for easing of government restrictions and will reopen stores as soon as possible. The announcement comes as a handful of companies and even states across the country announce gradual store re-openings, including 49 malls belonging to Simon Property Group and Tapestry Inc.
In addition, Dillard’s announced that it has amended its $800M senior unsecured revolving credit facility consistent with the company’s liquidity needs. The amended credit facility is secured by inventory of certain subsidiaries, the company said, and a $200M expansion option remains in place with a maturity date of 9 August 2022.
The credit facility is available to the company for general corporate purposes including working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases, among other uses, the company said. There are no financial covenant requirements under the amended credit agreement provided availability exceeds $100M.
