With debt maturities looming next year, Lands' End acknowledged that there is "substantial doubt" about the company's ability to survive over the next 12 months.
The company is working to replace its term loan financing, which could put to rest those doubts. "Due to the Company's recent trends of profitable growth, management believes that it will be able to refinance the Term Loan Facility on acceptable terms despite the challenging financial environment reflecting the COVID-19 pandemic," Lands' End said in a securities filing.
The clothing seller made the disclosure in its report on the first quarter, during which Lands' End revenue fell more than 17% to $217 million while operating loss grew more than five times over.
https://www.retaildive.com/news/lands-end-issues-going-concern-warning-as-it-looks-to-refinance-debt/582350/