Wholesaler Oriental Trading Files Chapter 11

Gifts and novelty merchant wholesaler Oriental Trading has filed voluntary petitions for reorganization under Chapter 11, according to a report in Multichannel Merchant.

The company said in a statement it has reached agreement on the terms of a pre-arranged plan of reorganization with its first lien lenders to reduce debt and improve its capital structure and operating flexibility. It said it will continue operating during the restructuring with interruption.

The full story, along with the numbers involved, starts HERE.

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