CHEROKEE ENTERS INTO RESTRUCTURING AGREEMENT WHICH WILL RESULT IN A REDUCTION OF OBLIGATIONS OF APPROXIMATELY $100 MILLION

PR Newswire | March 26, 1993 | Copyright 
 
    SUNLAND, Calif., March 26 /PRNewswire/ -- Cherokee Inc. (NASDAQ: CHKE) and its subsidiary, The Cherokee Group, announced today that they have entered into an agreement in principle with key holders of all of their outstanding securities to an overall financial restructuring which will reduce Cherokee's indebtedness and preferred stock obligations from approximately $190,000,000 to approximately $90,000,000 and which will reduce Cherokee's annual fixed charges (interest and preferred stock dividends) from more than $27,000,000 to approximately $11,000,000. 
    Robert Margolis, ...

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