Lenox expects to miss covenant tests at end of third quarter

New York, Aug. 6 - Lenox Group Inc. said it expects to be out of compliance with the financial covenants in its credit facility at the end of the third quarter.

The Eden Prairie, Minn., tabletop, giftware and collectibles company blamed the negative impact of current economic and retail market conditions for the anticipated problem.

But it noted that it is already pursuing actions to strengthen its balance sheet and reduce debt and has started discussions with its bank lenders to restructure its borrowings.

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