Department store company Dillard’s, Inc. has announced plans to reopen 55 stores in select locations following their temporary closure in response to the Covid-19 pandemic.
The reopenings will begin on Tuesday, May 5 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 reopenings, including 49 malls belonging to Simon Property Group and Tapestry Inc.
In addition, Dillard's announced that it has amended its $800 million senior unsecured revolving credit facility consistent with the company’s liquidity needs. The amended credit facility is secured by an inventory of certain subsidiaries, the company said, and a $200 million expansion option remains in place with a maturity date of August 9, 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 $100 million.
The company also said it has repaid the $779 million borrowed under the previous agreement on March 25, 2020. Dillard’s will have no borrowings under the amended credit facility on May 2, 2020.
The credit facility was arranged by JPMorgan Chase Bank, N.A.