September 25, 2017 9:18 PM ET

Specialty Retail

Company Overview of Perfumania, Inc.

Company Overview

Perfumania, Inc. sells fragrances, bath and body products, cosmetics, and related products in North America through specialized stores. It operates retail stores in regional malls, manufacturers' outlet malls, airports, and on a stand-alone basis in suburban strip shopping centers. The company has stores in the United States, District of Columbia, and Puerto Rico. It also sells its products through Internet. The company was incorporated in 1988 and is based in Bellport, New York. Perfumania, Inc. operates as a subsidiary of Perfumania Holdings, Inc. On August 26, 2017, Perfumania, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District ...

35 Sawgrass Drive

Bellport, NY 11713

United States

Founded in 1988





Key Executives for Perfumania, Inc.

Chief Executive Officer and President
Age: 69
Executive Vice President
Compensation as of Fiscal Year 2017.

Perfumania, Inc. Key Developments

Interim DIP Financing Approved for Model Reorg Acquisition, LLC

The US Bankruptcy Court gave an order to Model Reorg Acquisition, LLC to obtain DIP financing on an interim basis on August 29, 2017. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $83.75 million and letter of creditor of $10 million from Wells Fargo Bank, National Association with Wells Fargo Bank, National Association also acting as the administrative agent. The DIP credit facility would carry an interest rate of applicable margin of 3.25% p.a. plus greatest of Federal Funds Rate plus 0.50% p.a., or prime rate, along with an additional 2% p.a. interest in the event of default. The Applicable Margin for Letter of Credit Fee shall be 4.5%. The DIP facility also carries a debtor-in-possession financing facility fee of 1% of the aggregate commitments. The DIP facility would mature either on December 31, 2017 or 45 days from the date of interim order if the final order is not received within that period or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $2 million towards unpaid professional fees and first priority lien upon and security interest in the debtor’s collateral. The proceeds from the DIP facility shall be used for general working capital needs, the repayment of the Obligations and the payment of fees, expenses, and costs incurred in connection with the DIP facility. The final hearing date has been scheduled for October 6, 2017.

Store Closing Sales Approved on Interim Bases for Perfumania Holdings, Inc.

The US Bankruptcy Court gave an interim order approving the store closing sale of Perfumania Holdings, Inc.’s assets on August 29, 2017. The Court approved the agency agreement between the affiliate and Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC. Pursuant to the agency agreement, Agents guarantee that the seller shall receive 68.3% of the aggregate Cost Value of the Merchandise. Agent shall sell all furniture, fixtures, and equipment at the Stores owned by Merchant pursuant to a commission structure whereby Agent shall be entitled to receive a commission equal to 17.5% of the gross proceeds from the sale. The Sale commenced on August 25, 2017 and shall conclude at each Store no later than September 30, 2017, subject to extensions by the debtor. The final hearing will be held on October 6, 2017.

Perfumania to Close 64 Stores, Blames Declining Mall Traffic for Bankruptcy

Perfumania announced to close 64 stores, blames declining mall traffic for bankruptcy. The debt-laden retail chain, known for selling brand name fragrances at discounted prices, is seeking chapter 11 protection after filing for bankruptcy in Wilmington, Delaware. According to court papers, up to 64 of Perfumania's 226 stores will close. This is on the heels of the company's shuttering some 100 stores since 2015.

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