Lamonts To Emerge From Chapter 11

Sat., Dec. 20, 1997

From Staff And Wire Reports

Lamonts Apparel, which operates 38 family-apparel stores in five Western states, has received approval from a judge to emerge from bankruptcy protection.

The Kirkland-based chain said it would come out of Chapter 11 bankruptcy protection Jan. 31, capping a three-year financial turnaround.

U.S. Bankruptcy Court Judge Thomas Glover on Thursday confirmed the company’s reorganization plan, which details how Lamonts will restructure its debt.

The company will exit with $42 million of financing under the terms of its existing agreement with BankBoston.

“This is a momentous day for Lamonts’ 1,600 associates, 1,200 vendors, and many thousands of customers across the Northwest,” said Alan R. Schlesinger, chairman and chief executive officer.

Lamonts filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code on Jan. 6, 1995, after several years of net losses.

, DataTimes

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Lamonts To Emerge From Chapter 11

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