Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Robert Drbul - Barclays Capital.
Robert Drbul - Barclays Capital
The first question I have is when you look to the debt that you have coming, from your perspective today, would you expect to use the credit line? Is there a time limit you think we should think about as you look, given the situation in the credit market today?
Karen M. Hoguet
It’s a question of cash and the credit markets. So, again, we will look to refinance some of that debt, or all of it, again, depending on how we’re looking at 2009, but I can’t really help you in terms of the time frame.
As we come from November into December, that’s when our cash flow is highest. So it’s really not until the back half of next year where we need to tap into the credit facility.
Robert Drbul - Barclays Capital
A bigger picture question, as you look to the end of this year and into next year, could you address any more potential store closings? There has been a lot of discussion in the industry around that and I just wanted to see if you had any updated thoughts on the current store base that you have and how you are thinking about it.
Karen M. Hoguet
We have always been aggressive at looking at our store base and closing any that are not contributing on a cash basis. And we have a comprehensive analysis we do many times during the year, especially in a year like this.
As in all other years, we do expect to close some stores. I do not expect it to be a number any bigger than a typical year’s closings. I have heard rumors of 50, I heard a rumor of 90, I don’t know where they are coming from.
So I would expect closings, but nothing unusual.
Robert Drbul - Barclays Capital
On the marketing spend, the shift from Q3 into Q4, can you quantify how much of that you shifted?
Karen M. Hoguet
No, I can’t.
Operator
Your next question comes from Michelle Clark - Morgan Stanley.
Michelle Clark - Morgan Stanley
First question is on the vendors. Are you noticing any change in willingness from vendors to provide markdown support?
Karen M. Hoguet
We have not yet.
Michelle Clark - Morgan Stanley
I was wondering if you have had any recent updated discussions with the rating agencies?
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