×
2 034
Fashion Jobs
SHISEIDO
Bareminerals Account Manager - Boots Stratford (37.5 Hours)
Permanent · London
SHISEIDO
Nars Business Manager - Fenwick Newcastle (37.5 Hours)
Permanent · Newcastle upon Tyne
SHISEIDO
Account Manager - Boots Hammersmith (22.5 Hours)
Permanent · London
GUCCI LIMITED
Gucci Stock Manager
Permanent · LONDON
NIKE
Purpose Marketing Manager, London
Permanent · London
NIKE
Agile Marketing Manager, London
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Edinburgh, John Lewis- 37 Hours - Full-Time, Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Demand Planner - The Estée Lauder Companies
Permanent · London
SHISEIDO
Bareminerals Account Manager - Boots, Edinburgh Gyle (30 Hours)
Permanent · Edinburgh
SHISEIDO
Laura Mercier Account Manager - Harvey Nichols Manchester (37.5 Hours)
Permanent · Stretford
SHISEIDO
Bareminerals - Account Manager (30 Hours)
Permanent · Edinburgh
V. F. CORPORATION
Manager, Strategic Accounts - Dickies Emea
Permanent · LONDON
VANS
Credit Controller - Spanish Speaking - Vans
Permanent · CALVERTON
VF INTERNATIONAL
Multilingual Credit Controller - Key Accounts (English Plus Any European Language)
Permanent · CALVERTON
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Location - 15Hours / 3 Days - Part-Time, Permanent
Permanent · Exeter
ESTÉE LAUDER
Clinique - Consultant - Sutton Coldfield, Beatties - 15 Hours - Part-Time, Permanent
Permanent · The Royal Town of Sutton Coldfield
ESTÉE LAUDER
Clinique - Consultant - Leicester, Boots - Fosse Park - 15 Hours - Part-Time, Permanent
Permanent · Leicester
YVES SAINT LAURENT UK LIMITED
Saint Laurent HR Manager UK, Ireland & Netherlands
Permanent · LONDON
SHISEIDO
Bareminerals Account Manager - Hof Bluewater (35 Hours)
Permanent · Dartford
SHISEIDO
Laura Mercier Account Manager - Harvey Nichols, Edinburgh
Permanent · Edinburgh
ESTÉE LAUDER
Origins - Online Trading Manager - Brand Site
Permanent · London
Advertisements
Published
Dec 15, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Vince reports completion of third lien credit facility, expects 34% decline in sales

Published
Dec 15, 2020

New York-based fashion company Vince Hold Corp. announced on Monday that it has secured $42.3 million in excess availability under its revolving credit facility. The group also postponed the reporting of its Q3 financial results, but stated that it anticipates a decrease of 34% in its quarterly sales.


Vince expects to report its Q3 sales on December 21 - Instagram: @vince

 
Vince expects its net sales for the third quarter ended October 31, 2020, to total $69.0 million, down from $104.5 million in the same period in the previous year. Gross margin rate for the quarter is predicted to be 45.9%, compared to 48.8% in the prior-year period.
 
“The third quarter experienced sequential improvement in direct-to-consumer sales and gross margin, which continued into the fourth quarter as we entered the holiday season. At the same time, we continued to tightly manage our expenses,” commented Vince interim CEO and CFO David Stefko in a release.

Concluded on December 11, the company’s new $20 million third lien credit facility was negotiated with SK Financial Services, an affiliate of Sun Capital Partners, Inc., whose affiliates own around 72% of Vince’s common stock.
 
The company used proceeds from the new deal to pay down the borrowings under its existing revolving credit facility. The brand has also been able to make amendments to this arrangement, as well as to its term loan credit facility, waiving certain amortization payments, lowering the fixed charge coverage ratio, and extending the applicability of certain revised eligibility criteria for trade receivables, among other changes.
 
In the second quarter ended August 1, 2020, the impact of the Covid-19 pandemic led the company’s net sales to drop 60% year over year to $37 million, down from $92.2 million. The group’s net loss for the quarter came to $15.1 million, or $1.28 per share, compared to a net loss of $19.5 million, or $1.67 per share, in the same period last year.
 
Vince intends to report its full third-quarter financial results on December 21, 2020.

Copyright © 2021 FashionNetwork.com All rights reserved.