×
84 536
Fashion Jobs
COTY
Director, Finance - cb Sales
Permanent · New York
OLD NAVY
Site Merchandising Manager - Old Navy Online
Permanent · San Francisco
NIKE
Senior Manager - Finance Engineering & Automation
Permanent · Beaverton
JCPENNEY
Email Marketing Senior Manager
Permanent · Plano
LEVI'S
Global Raw Material Planner
Permanent · San Francisco
NORDSTROM
Asset Protection - Agent - Tacoma Mall
Permanent · Tacoma
SHISEIDO
Sales & Training Executive, San Francisco - Nars
Permanent · San Francisco
ROSS STORES
Store Protection Specialist
Permanent · Grand Prairie
PUMA
av Specialist, IT Service Desk
Permanent · Somerville
PUMA
Key Account Manager, Sporting Goods
Permanent · Somerville
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time: Outlets at Orange
Permanent · Orange
TAPESTRY
Senior Manager, Human Resources (People Partner)
Permanent · New York
TAPESTRY
Analyst, Trade Compliance
Permanent · Jacksonville
ESTÉE LAUDER
Clinique Consultant - 37.5 Hrs - Macys - South Portland, me
Permanent · South Portland
ESTÉE LAUDER
Associate Consultant - Clinique - Part Time - Macys Tysons Corner - Mclean, va
Permanent · McLean
ESTÉE LAUDER
Business Manager - Clinique - Full Time - Dillards - Temple, tx
Permanent · Temple
ABERCROMBIE AND FITCH CO.
IT Service Desk Specialist
Permanent · Columbus
ATHLETA
Senior Analyst, Divisional & Control Finance, Athleta
Permanent · San Francisco
GAP
Asset Protection Service Representative - Jersey Gardens
Permanent · Elizabeth
OLD NAVY
Assistant General Manager ne - Shop @ Perry Crossng
Permanent · Plainfield
OLD NAVY
General Manager - Freehold
Permanent · Freehold Township
OLD NAVY
Area Visual Manager
Permanent · King of Prussia
By
Reuters
Published
Jul 17, 2013
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Vivarte says will meet debt repayment deadlines

By
Reuters
Published
Jul 17, 2013

Source: Vivarte

PARIS, France - French clothing retailer Vivarte, owned by private equity firm Charterhouse, said it breached certain terms on its loans because of unfavourable economic conditions but that it was still able to meet its repayment deadlines.

Banking sources with direct knowledge of the matter had said on Tuesday that Vivarte communicated with its debt investors on Monday that it had breached leverage and interest covenants.

Vivarte's ratio of debt to earnings before interest, tax, depreciation and amortisation (EBITDA) reached 6.3, compared with the 6 times agreed with its creditors, company head Marc Lelandais said on Wednesday.

The group's net debt is 2.1 billion euros ($2.76 billion).

Charterhouse bought Kookai fashion label owner Vivarte in 2007 backed by 3.43 billion euros of loans and in May last year it conducted an amend and extend of its loan facilities, pushing out the maturity of its debt by two years, according to Thomson Reuters LPC data.

Vivarte said it had been hit by an unfavourable economic and consumer environment in France, made worse by weather conditions between March and May, although sales had picked up in June and July.

The group said in a statement that it had limited the drop in sales to 2.5 percent over the last 10 months, with stable margins and a notable improvement in its ready-to-wear business. Its EBITDA (earnings before interest, tax, depreciation and amortisation) margin is above 12 percent, it added.

Vivarte had sales of 3.1 billion euros in the year ended Aug. 31 and generates about 100 million in cash each year. It is due to repay 300 million euros of debt in 2015/16.

Vivarte said its 600 million euros in cash would enable it to meet its debt repayments over the next three years, adding that it had also recently sold real estate assets in "particularly favourable conditions".

Bankers said Vivarte's balance sheet was recently boosted by 230 million euros through the sale and leaseback of 91 properties, including company headquarters.

© Thomson Reuters 2022 All rights reserved.