Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Mrs. Fields’ Famous Brands LLC > News item |
Mrs. Fields exploring alternatives; March 2009 interest payment in jeopardy
By Caroline Salls
Pittsburgh, Jan. 30 - Mrs. Fields Famous Brands, LLC said its current cash on hand and projected future cash flows from operations may not be enough to make the March 2009 interest payment on its 9% senior secured notes due March 15, 2011 and 11½% senior secured notes due March 15, 2011, according to an 8-K filed with the Securities and Exchange Commission.
As a result, Mrs. Fields said it is exploring its alternatives for improving its liquidity, financial condition and results of operations.
The company said its options include staff changes and investment initiatives to reduce costs and improve revenues; possible reinvestment of net proceeds from the sale of the company's Pretzel and the Great American Cookie businesses into higher yielding assets; and raising additional equity capital.
Mrs. Fields' management and its major shareholder have retained Blackstone Advisory Services to help the company review its strategic alternatives.
As previously reported, Mrs. Fields announced in November that the September 2008 interest payment is also in jeopardy.
Mrs. Fields, based in Salt Lake City, has 2,100 franchised and licensed concept locations worldwide.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.