Measures to manage cash flows and other expenses that were previously disclosed in our April 10 th press release have been implemented and are expected to lead to cost savings and a sizable reduction in our cash burn due to the temporary store closures. ![]() The Company negotiated an incremental delayed draw term loan of $20.5 million that will be available to be drawn before Apand also amended its loan covenants to allow for greater flexibility during its peak borrowing periods this year. Filmed by a majority of female creative and production crew, the campaign reinforces Duluth Trading’s overall philosophy of creating apparel that stands up to any challenge and prioritizes freedom of movement, durability and performance of two of our bestselling products, Fire Hose Pants and No Yank Tanks. To that end, the Company recently launched its new women’s campaign celebrating the achievements of real-life women who “forge their way.” The inaugural campaign is led by a new brand anthem video ringing in the powerful stories of inspirational women – tattoo artists, pilots, dirt bikers, potters, ranchers, and more. New products are key to the long-term growth of Duluth Trading. Donations designated to the Coronavirus Outbreak will be used to help the American Red Cross maintain a sufficient supply of blood as well as supplies to equip volunteers and staff with protective equipment, food, shelter and relief supplies as they respond to people in need. To help the American Red Cross continue to deliver its lifesaving mission nationwide due to the COVID-19 public health emergency, the Company has selected key products to donate 5% of the purchase price to the humanitarian organization through May 31, 2020. Finally, we are proud to partner with the American Red Cross, an outstanding organization that is always on the front line of every crisis.”ĭuluth Trading is proud to announce a new partnership with American Red Cross for the month of May. We continue to fulfill online orders from both warehouse and store inventory through our ship from store process as well as contactless curbside pickup at certain store locations. Schlecht added, “With our omnichannel model, we are fortunate to have a strong on-line presence where we can provide uninterrupted and outstanding service to our customers. ![]() In addition to taking extra precautions for our staff and customers, most of our stores are free-standing with ample parking, which will help us diligently maintain local health and safety guidelines,” said Steve Schlecht, Executive Chairman and Chief Executive Officer of Duluth Trading. Today, we are re-opening 20 retail stores to customers in states that have lifted mandates on store closures. As announced on March 20, we closed our 62 retail stores nationwide in compliance with state and local COVID-19 regulations. First and foremost, we protected the health and well-being of our employees, customers and suppliers, and also took measures to ensure our financial resiliency. ![]() “Since the beginning of the COVID-19 pandemic, we were proactive in taking difficult actions to safeguard the long-term health of our Company. Partnered with landlords, suppliers and vendors to materially reduce costs, extend payment terms and cancel merchandise receipts to improve projected cash flow.Amended and expanded line of credit closed on April 30.Launched new women’s campaign celebrating “forge their way” inspirational women. ![]() Re-opening of 20 retail stores today where COVID-19 restrictions have been lifted and preparing to re-open the balance as other states lift their pandemic mandates.Partnership with American Red Cross to donate portion of proceeds on key apparel items.(dba, Duluth Trading Company) (“ Duluth Trading” or “Company”) (NASDAQ: DLTH), a lifestyle brand of men’s and women’s casual wear, workwear and accessories, today provided a business update and announced a partnership with American Red Cross: MOUNT HOREB, Wis., (GLOBE NEWSWIRE) - Duluth Holdings Inc.
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