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Magazine > Industry News > News Content

Ultra emerges from bankruptcy

7/30/2009 3:24:46 PM

Chicago--Ultra Stores Inc., a retailer that operates a blend of standalone stores and fine-jewelry departments in off-price department stores, has emerged from Chapter 11 bankruptcy protection, the company announced on Tuesday.

"I personally want to thank all the professionals involved in getting us through these proceedings in record time," Ultra President and Chief Executive Officer Daniel Marks said in a press release. "The cooperation of our vendor partners, Crystal Capital and Bank of America was instrumental in not only reaching a deal but providing us with a solid balance sheet going forward."

In moving ahead, Ultra announced that it will close about 30 underperforming locations this year and has worked with landlords to provide temporary rent relief in a number of the chain's 178 remaining locations.

"These two initiatives will enable us to weather these tough economic times," Marks said. "We appreciate all of our landlords' efforts in working with us on this important initiative."

According to the release, Bank of America will remain Ultra's senior lender and will provide a $30 million revolving line of credit.

Crystal Capital will assume 56 percent ownership of Ultra in return for converting half of its debt into equity, while unsecured creditors will assume 18 percent ownership along with a $3 million note.

The remaining 26 percent of the company will go to Ultra's existing management team, which will remain in place, according to the release.

"We could not have gotten through these proceedings this quickly and smoothly without the support of our entire field organization and home office," Marks said. "Now that this process is behind us, our team is looking forward to getting back to the business of offering our guests high-quality fine jewelry at an incredible value."

Chicago-based Ultra Stores, which operates the standalone brands Ultra Diamonds and Premier Fine Jewelry and also runs the fine-jewelry departments in stores such as Burlington Coat Factory, filed for Chapter 11 bankruptcy protection in April.

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