Dive Summary:

• Gordmans has announced it borrowed an estimated $45 million to fund a $3.61 special dividend following sluggish revenue totals during the second quarter.
• Sales for the company rose 6.7% to $136.8 million during the second quarter, well below profits reported for the same period in 2012. Gordmans currently operates 90 stores throughout the U.S.
• “We believe that the adjustments we've made, and continue to make, to our merchandise assortments, combined with the rollout of our loyalty program, have positioned us to deliver further improvements over the remainder of fiscal 2013,” said Gordmans CEO Jeff Gordman.

From the article:

The dividend payment will cost the company $70 million — roughly half the total of its second quarter sales — which it will fund with cash on hand and a new $45 million loan with Cerberus Business Finance. In addition, the company increased a line of credit against which it had no outstanding borrowings with Wells Fargo Bank to $80 million from $60 million.