Friday, March 20, 2020

Facing cash crunch, J. Jill borrows $33M from lenders

Boston Business Journal
J. Jill Inc. has borrowed $33 million from its lenders — near the limits of its line of credit — as the struggling women’s clothing retailer grapples with the loss of revenue from stores closed by the coronavirus.

The Quincy-based company is drawing down the majority of a $40 million revolving credit facility “as a precautionary measure,” it said in a securities filing Wednesday. J. Jill closed all of its stores on Wednesday because of the coronavirus outbreak, and they will remained closed through at least March 27. As of the end of 2019, it had more than 280 stores nationwide. . . . more