Cherokee shares down, but company feels refinancing deal could spur turnaround
Cherokee Inc (NASDAQ:CHKE) shares declined on Wednesday on apparent profit-taking after surging more than 110% earlier in the week when it secured a lifeline through a new three-year US$40mln financing agreement.
Cherokee chief executive Henry Stupp said the credit facility will give them flexibility and bolsters company liquidity. The company has licensing agreements with top retailers and manufacturers in more than 100 countries and has multiple e-commerce platforms.
Shares of Cherokee were lower by 18.2% to US$0.875 after hitting a session low of US$0.7951. It hit as high of US1.12 on Tuesday.
READ: Maker of Tony Hawk apparel line issues going-concern warning after disappointing first quarter
The company had sold its Flip Flop shops and issued a warning after disappointing first-quarter results. Cherokee had also lowered its guidance for the year to account for the loss in revenue and other cost-reduction efforts.
The roster of brands in Cherokee Includes its namesake brand along with Hi-Tec, 50 Peaks, Interceptor and the Tony Hawk Signature Apparel and Hawk Brands.
Cherokee is based in Sherman Oaks, California.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/202514/cherokee-shares-down-but-company-feels-refinancing-deal-could-spur-turnaround-202514.html
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