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Salus Capital Closes $20MM DIP Facility for dELiA*s

December 10, 2014, 07:48 AM
Filed Under: Retail

Salus Capital Partners, LLC announced it has provided a $20 million debtor-in-possession (DIP) facility to dELiA*s, Inc.  dELiA*s, Inc. is an omni-channel retail company primarily marketing to teenage girls.  The financing will be used by the company for working capital as it operates under the protection of Chapter 11 of the U.S. Bankruptcy Code.

Under the supervision of the Court, the New York-based company will close all existing stores and distribution centers and conduct going out of business sales.  dELiA*s, Inc. determined to take this action after being unable to find a merger partner, or obtain an acquisition or financing proposal enabling the Company to remain a going-concern.

Salus Capital is a direct originator of secured asset-based loans to the middle market across a variety of industries with additional complementary financing throughout the capital structure. Target transaction sizes range from $5 to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. The Salus Capital platform may also serve as an asset manager for like-minded institutional investors such as community and regional banks, insurance companies, family offices, private equity funds and hedge funds who may lack the infrastructure and dedicated competency within senior secured lending.

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