Gardena, Calif. Home furnishings and accessories retailer Z Gallerie said late Tuesday it has emerged from Chapter 11 bankruptcy and completed its recapitalization in less than six months.
The company also said it has reached an agreement with Wells Fargo Business Credit on a $22 million exit financing package.
“We are pleased to have obtained support from our major constituencies and to have completed the process so quickly,” said Mike Zeiden, CFO and co-founder. “The reorganization allowed us to achieve a recapitalization of our balance sheet that results in a stronger financial foundation. Combined with the rightsizing Z Gallerie accomplished before the filing, we are in an excellent position to meet the challenges and opportunities that lie ahead of us.
The retailer’s reorganization plan received unanimous approval by vendors.