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Published
May 3, 2020
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Dillard's announces store re-openings, business update

Published
May 3, 2020

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. 


Instagram @dillards


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 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 at May 2, 2020.

The credit facility was arranged by JPMorgan Chase Bank, N.A.

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