Little Rock, Ark. Dillard's Inc. on Friday offered more details about its financial position in an effort to reassure investors.
In its statement, the company said has a $1.2 billion credit line with JPMorgan Chase Bank as the lead agent. At the peak of demand in late November, the company said it should still have more than $500 million available.
Dillard's also said that after it pays $100 million in debt which comes due on Nov. 15, long-term loans that will be due over the next two years total less than $26 million.
Also, it said the closure of 20 stores so far this year reduces its working capital needs by more than $50 million. It has also lowered the number of planned new stores to be opened in 2009, so capital expenditures next year have been slashed to $120 million from $204 million in fiscal 2008.
Dillard's also said it expects to save $50 million in general operating costs in fiscal 2008.