Destination XL Gets $17.5 Million Lifeline

Big and tall men’s apparel retailer Destination XL Group has a new $17.5 million term loan facility with private lender Pathlight Capital as the agent. The capital infusion will be used to refinance existing debt and provide liquidity for working capital needs, according to a press release. The loan matures in 2026. It comes at a time of distress for the retailer, which S&P Global Market Intelligence has listed as among the most vulnerable publicly traded retailers. As of March 15, before the loan was announced, Destination XL had a 19.1% chance of default over the next year and a 24.4% chance over the next two years. Read more at Retail Dive.