FORBEARANCE PRESS RELEASE
J.Jill Announces Forbearance
Agreements Extension with Lenders
Quincy, Mass.- Business Wire- July 16, 2020- J.Jill, Inc. (NYSE JILL) (the Company), today announced
that the Company and its lenders have amended the Companys existing Forbearance Agreements, dated as of June 15, 2020 (the Existing Forbearance Agreements) to extend the forbearance period, providing additional time for J.Jill
and its lenders to complete negotiations. The forbearance period has been extended until July 23, 2020.
We remain engaged in productive
discussions with our lenders, and today, our lenders extended the forbearance period under the existing forbearance agreements, which provides additional time for us to complete negotiations, Jim Scully, J.Jill Interim CEO, commented. We
are making progress with the negotiations and expect a resolution soon.
As previously announced on June 15, 2020, the Company entered into the
two Existing Forbearance Agreements (as amended, the Forbearance Agreements) with the lenders under its ABL and term loan credit facilities. The Existing Forbearance Agreements are described in a Current Report on Form 8-K filed by the Company with the SEC on June 15, 2020, and available on the SECs Edgar website as well as the Companys website, which includes the full text of the agreement as an exhibit.
Under the amendments to the Existing Forbearance Agreements, the respective lenders have agreed not to exercise any rights and remedies until July 23,
2020 so long as, among other things, the Company otherwise remains in compliance with its credit facilities and complies with the terms of the Forbearance Agreements.
In conjunction with amendments to the Existing Forbearance Agreements, the Company now plans to file its fiscal first quarter
10-Q on July 31, 2020.
J.Jill is a premier omnichannel retailer and nationally recognized womens apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, thoughtful and inspired style that reflects the confidence of remarkable women who live life with joy, passion and purpose. J.Jill offers a guiding customer experience
through more than 280 stores nationwide and a robust e-commerce platform. J.Jill is headquartered outside Boston. For more information, please visit www.jjill.com or http://investors.jjill.com.
Forward Looking Statements
This press release contains,
and oral statements made from time to time by our representatives may contain, forward-looking statements. Forward-looking statements include those identified by words such as could, may, might,
will, likely, anticipates, intends, plans, outlook, seeks, believes, estimates, expects, continues,
projects and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the
economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a