Item 1.01 Entry into a Material Definitive Agreement.
On January 23, 2020, World of Jeans & Tops, a California corporation and a
wholly owned subsidiary of Tilly's, Inc., a Delaware corporation (the
"Company"), entered into Amendment No. 7 (the "Amendment") to the Amended and
Restated Credit Agreement (as amended, the "Agreement"), dated as of May 3,
2012, with Wells Fargo Bank, National Association. The Amendment makes certain
changes to the terms of the Agreement, including extending the maturity date of
the Agreement to January 31, 2023 and revising or eliminating certain
restrictive financial covenants, including the removal of the prohibition on
payment of dividends or stock buybacks.
The foregoing summary does not purport to be complete and is qualified in its
entirety by reference to the Amendment, a copy of which is attached hereto as
Exhibit 10.1, and is incorporated herein by reference.
Item 8.01 Other Events.
On January 24, 2020, the Company issued a press release announcing a one-time
special cash dividend of $1.00 per share to be paid on February 26, 2020, to all
holders of record of issued and outstanding shares Class A common stock and
Class B Common stock as of the close of business on February 12, 2020.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are being furnished herewith:
Exhibit No. Exhibit Title or Description
10.1 Amendment No. 7 to Amended and Restated Credit Agreement and
Note, dated as of January 23, 2020, by and between World of Jeans
& Tops, a California corporation, and Wells Fargo, National
Association.
99.1 Press Release of Tilly's, Inc. dated January 24, 2020.
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