Debt

6 Months Ended

Jul. 28, 2012

Debt

Debt

(5) Debt

On February 16, 2011, Cherokee and U.S. Bank National Association (“U.S. Bank”) entered into a Term Loan Agreement which was restated on December 7, 2011. The restated loan agreement consisted of (i) a term loan in the principal amount of $5,000,000 and a two year maturity date and (ii) a term loan in the principal amount of $2,000,000 and a four year maturity. On June 5, 2012, Cherokee prepaid all outstanding principal and interest on the restated loan agreement. As a result, Cherokee currently has no outstanding borrowings under the Term Loan Agreement with U.S. Bank.

On September 4, 2012, Cherokee and JPMorgan Chase Bank, N.A. (“JPMorgan Chase”) entered into a Credit Agreement (the “Credit Agreement”).  See Note 6. (“Subsequent Events”) below.