Destination Xl Group, Inc. (DXLG) SEC Filing 10-K Annual report for the fiscal year ending Saturday, January 30, 2021

Destination XL Group, Inc. Reports Fiscal 2020 Fourth-Quarter and Full Year Financial Results

CANTON, MA., March 18, 2021– 

Highlights   

Management Comments

“Fiscal 2020 presented a challenge to our business unlike any we’ve seen before, and I’d like to thank all of our associates for their steadfast vigilance and commitment to navigating through this unprecedented year.  For the past 12 months, our teams have responded by repositioning our Company to withstand the impact of COVID-19 to our stores, our distribution center and our corporate office.  We have had a relentless focus on preserving liquidity.  We pivoted our assortment, negotiated relief in occupancy costs, and restructured our operating expenses to achieve greater operating leverage as we head into fiscal 2021,” said Harvey S. Kanter, President and Chief Executive Officer.

Kanter continued, “We are ending the year in a strong financial position with total debt, net of cash, of $55.4 million, up only $5.6 million from the prior year, and inventory down $17.4 million, or 17%.  Subsequent to year-end, we raised $5.0 million, before offering costs, from the sale of 11.1 million shares through a registered direct offering, bringing our pro forma year-end debt to just over $50.0 million, and refinanced our $15.0 million FILO term loan with a new $17.5 million FILO term loan, which will add between $5.0 and $10.0 million in additional excess availability each month in fiscal 2021.

“With these enhancements to our capital and debt structure, our focus is shifting from liquidity preservation to the long-term vision and continued execution of our strategic digital transformation.  Our