Orchard Brands Secures $90 Million in Financing

Five months after it filed for Chapter 11 bankruptcy protection, multititle mailer Orchard Brands is ready to forge ahead as a leaner, stronger company. Fueling this fresh start is $90 million in secured financing from PNC Financial Services Group.

Orchard Brands, which targets men and women age 55 and older, unveiled a reorganization plan in late April when it successfully emerged from Chapter 11. And this financing, secured June 6, provides operating liquidity, solidifies its restructuring, and allows the company to operate with its past clearly behind it.

“It’s a good thing,” says Craig Battle, managing director at investment bank Tucker Alexander. The financing allows Orchard Brands to operate in their recapitalized condition, which is strong, ne notes.

“These guys have gotten rid of a lot of debt,” Battle says, and they have cash flow from their business now, and secured financing. “They should be ready to rock and roll—they are leaner and stronger.”

Following its Chapter 11 filing in January, Orchard Brands has eliminated about $420 million of debt in its financial restructuring.

Orchard Brands includes 17 titles: Appleseed’s, Bedford Fair Lifestyles, Blair, Coward, Drapers & Damon’s, Gold Violin, Haband, Intimate Appeal, Linen Source, Monterey Bay, Norm Thompson, Old Pueblo Traders, Sahalie, Solutions, The Tog Shop, Willow Ridge, and WinterSilks.

Partner Content

Hincapie Sportswear Finds Omnichannel Success in the Cloud - Netsuite
For more and more companies, a cloud-based unified data solution is the way to make this happen. Custom cycling apparel maker Hincapie Sportswear has leveraged this capability to gain greater visibility into revenue streams, turning opportunities into sales more quickly while gaining overall operating efficiency. Download this ecommerce special report from Multichannel Merchant to more.
The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.