(RTTNews) - Ascena Retail Group, Inc. (ASNA) said it now expects first quarter revenue will be in the range of $565-$585 million, down from $1.06 billion, prior year. As a result, the company projects a significant decline in first quarter operating income.
The company ended the first quarter with outstanding pre-petition term loan debt of approximately $1.109 billion and outstanding borrowings under its new DIP term loan credit facility of approximately $312 million. Also, the company currently estimates that it will report cash and cash equivalents as of October 31, 2020 in the range of $375-$385 million.
Ascena Retail Group noted that the Chapter 11 Cases could have a material effect on the its cash and debt balances.
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