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Article Date: March 2018
Word Count: 261

Sheikh Gets Financing, Terminates Bankruptcy Auction

The retailer has received additional financing that will add $6 million in financing this month and a minimum of $3 million more by the end of the month, which enabled it to satisfy Comvest and seek court approval to terminate the auction process that might have resulted in liquidating the chain. Under terms of the revised budget, Sheikh expects the month of Mar. to produce $13.77 million in receipts against $19.68 million in operating costs that will result in a projected operating loss of $5.91 million. There will also be an additional $1.83 million in bankruptcy-related expenses, including store closings ... Log in to view full article.


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