Sport Chalet Enters Into New Loan Amendment

Los Angeles Sport Chalet Inc. has amended its credit facility with Bank of America, N.A.

Under the terms of the amendment, Bank of America has waived the company’s existing event of default and certain potential defaults, and amended the borrowing base, certain financial covenants and interest rates.

The seasonal revolver limits under the credit facility remain unchanged under the amendment.

“Bank of America has been very understanding of our business needs during these unprecedented economic times,” said chairman and CEO Craig Levra. “The amended agreement is a very positive step because it is more accommodating to our operations in this difficult environment and it will allow us to refocus our attention on improving our top line results, working with our vendors to procure and market compelling merchandise, and launching our sportchalet.com site.”