Question-and-Answer Session
Operator
Thank you, sir. Our first question comes from the line of Jeff Donnelly with Wells Fargo. Please go ahead.
Jeff Donnelly – Wells Fargo
Good afternoon, guys.
Tom Lewis
Hey, Jeff.
Jeff Donnelly – Wells Fargo
Tommy, you talked about it a little bit in your comments, I guess, and I had asked you last quarter, I think where you thought we were in the cycle of store closures and bankruptcies and I guess I’m curious, have you changed at all I guess in the last 90 days, you’ve become more encouraged?
Tom Lewis
Well, I like the idea that we are not dealing with any of them today, which we have been dealing with over the last 18 months. But I think like everybody in the industry today, you spend your time kind of doing scenario planning and our ?you and me? camp of – was the flattening out going to be a V or a W and my answer is I really don't know. It wouldn't surprise me to see some continued bankruptcies over the next year or so, absent things really picking up.
As we look out there, you see just a little tweak on the durable goods side, getting a tiny bit better, but not much at all and generality, I think people just quit declining and up a little bit. So I don't – I really – I'm not so sure that we are in a stage where, ?Gee, it’s recovery from here.? I just think things quit getting worse and some of the retailers that were going to have problems have them.
Jeff Donnelly – Wells Fargo
Is there anything you can share with us I guess on the market for DIP financing because anecdotally we continue to hear that has been challenging for retailers to obtain that sort of financing and that’s been holding off restructuring? If you think that is truth said, do you have any, I guess, impact there?
Paul Meurer
I think dip financing is certainly more easier to get than it was earlier in the year. We were involved in a couple of Chapter 11s where we sat on the committee and chaired committee. And if you go back to January and February, it was a period where I think in everyone you looked at, the company had to work very hard to go out and get their dip financing and if you look today into the ones we hear about, people are able to get a little lease here and it’s opened up a bit.
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