With 30% of GIL's sales coming from Broder, it's likely Ch 11 kind of makes you wonder whether EPS numbers (which look bleak) even matter on Thurs. Not good...
"If it's not able to restructure 95 percent of its debt by the close of business Thursday, May 14, promotional apparel supplier Broder Bros. will file for Chapter 11 bankruptcy protection, Counselor reports.
In a news release, the company has said that the filing will be necessary if Broder can't meet its debt restructuring goals. Broder has already come to agreements with many creditors to restructure more than $206 million in debt, but it needs to restructure $213.75 million with its creditors - or 95 percent of the supplier's total outstanding debt. According to the company, it already has the materials necessary prepared to file for bankruptcy in case it does not meet its goal by Friday afternoon."
Counselor PromoGram No. 608: Broder Warns Of Possible Bankruptcy Filing