Barry’s Jewelers Reaches Agreement With Bondholders: Troubled Barry’s Jewelers, one of the country’s largest retail jewelers, said it has come one step closer to a restructuring plan. The firm said it recently reached an agreement in principle with holders of its subordinated notes, who have not been paid the 12.625% interest due on the bonds since May. Barry’s has closed 68 of 219 stores this year as part of a conditional restructuring agreement with its banks. The firm says progress in restructuring now depends on the banks and bondholders reaching agreement on a plan. The company also announced that it lost $29.4 million in fiscal 1991, after a loss of $15.5 million the year before.
From Times Staff and Wire Reports