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According to the company, the review process may include such alternatives as raising additional capital, amending or replacing the company's current bank credit facility, further reducing expenses, or continuing to execute the company's current operating plan. No timetable has been set for completion of the review.
The company has also announced that Sport Chalet, and its wholly-owned subsidiary, Sport Chalet Value Services, entered into a second amendment to amended and restated loan and security agreement and limited forbearance agreement, with Bank of America. Under the second amendment, Bank of America has agreed to extend the period during which it will forbear from exercising its rights with respect to certain defaults by the company under its credit facility from January 31, 2009 until March 2, 2009.
Craig Levra, chairman and CEO of Sport Chalet, said: "While we remain focused on meeting the challenges posed by the unprecedented macroeconomic difficulties in our core market areas of California, Nevada and Arizona, the board is evaluating all alternatives to achieve maximum value for Sport Chalet shareholders."
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