body central corp (BODY) Key Developments
Body Central to Close 265 Stores
Jan 12 15
Body Central has closed all 265 of its stores and fired 2,500 employees as it wound down the business through a state process instead of a typical federal bankruptcy.
Body Central Corp. Receives Notice of Termination from Crystal Financial LLC
Jan 9 15
On January 7, 2015, Body Central Corp. received a notice of termination from Crystal Financial LLC, the lender under the company's asset based credit facility agreement, which provided for a $17.0 million senior secured credit facility. The notice terminates the Credit Facility immediately. As of January 7, 2015, no amounts were owed to Crystal under the Credit Facility. The notice of termination was due to an alleged default under the Credit Facility Agreement due to a cross-default provision in light of the company's receipt of a notice of default from the holders of the company's outstanding $18.0 million in aggregate principal amount subordinated secured convertible notes issued June 27, 2014.
Body Central Mulls Alternatives
Jan 7 15
Body Central Corp. (OTCPK:BODY) intends to pursue strategic alternatives. The company plans to evaluate potential strategic and financial alternatives. These alternatives may include the possibility of a Chapter 11 bankruptcy filing or an insolvency proceeding. Body Central has appointed professional advisors to assist with the evaluation of the situation, the potential alternatives and related matters. Ben Rosenfeld, President and Chief Executive Officer, stated, "While the Company has made significant reductions in expenses and reduced excess inventory levels, our top line remains challenged by both the overall market environment and the transition time required to complete the merchandise transformation that began in the latter half of 2014. The management team and board, along with its advisors will continue to evaluate all available alternatives that may be appropriate for the business."
Body Central Corp. Announces Auditor Changes
Nov 18 14
Body Central Corp. announced the appointment of Hancock Askew & Co., LLP as the company's independent registered public accounting firm for the fiscal year ending January 3, 2015. Hancock Askew & Co., LLP replaces PricewaterhouseCoopers LLP. The decision to change accounting firms was approved by the Audit Committee on November 13, 2014.
Body Central Corp. Appoints Celia Clancy to Board of Directors
Nov 11 14
Body Central Corp. announced the appointment of Celia Clancy to its Board of Directors effective November 10, 2014. Ms. Clancy is a seasoned senior executive with leadership experience in fashion retail, merchant management and e-commerce. Ms. Clancy is currently the CEO of MCC Retail Consultants which she founded in 2014, providing specialized advisory services in matters of strategic planning, merchandising and product development, marketing and e-commerce, operations and business process improvement.