UPDATE 1-Perry Ellis amends loan agreement
* Amend loan and security agreement dated Oct. 1, 2002
* Amendment to allow sale of accounts receivables from Kohl's
April 6 (Reuters) - Apparel maker Perry Ellis International Inc (PERY.O) and its units amended a loan and security agreement with their lenders to permit the sale of all present and future accounts receivable due from Kohl's Corp (KSS.N) to Bank of America.
The amendment to the loan agreement, dated Oct.1, 2002, will permit release of the lenders' security interest in any receivable sold to Bank of America, the company said in a filing with the U.S. Securities and Exchange Commission.
Perry Ellis sells its brands in department stores such as Macy's Inc (M.N) and Kohl's Corp (KSS.N).
Shares of Perry Ellis closed at $24.64 Tuesday on Nasdaq. (Reporting by Vidya Lakshmi in Bangalore; Editing by Unnikrishnan Nair)
We are living longer but not creating financial plans to keep pace. Advisers give tips on how to make sure you don’t outlive your money. Video