Destination Maternity, a retail chain specializing in clothes for expecting mothers, has reportedly pulled out of a recently inked refinancing agreement with Bank of America on the grounds that it could have a negative effect on the company's credit availability, according to press reports citing a fourth quarter earnings call this week.

“We had been pursuing this opportunity in an attempt to reduce our cost of capital,” CFO and COO David J. Helkey said in an fourth-quarter earnings call on Tuesday.

“As we worked through the detail, though, the refinance could have adversely affected the company’s credit availability,” he said. “We continue to look forward to deliver shareholder value through improved cost of capital.”

The five-year credit facility, which was closed in September 2018, replaced a $50 million asset-based loan and $25 million term loan, and reportedly would have facilitated up to $1.4 million in annual interest savings.

Destination Maternity has approximately $15.3 million in available borrowing with its current lenders, Wells Fargo and Pathlight Capital.

Like many brick and mortar firms the struggling retailer has been struggling to stay afloat recently. It called its most recent financials "challenging and unacceptable," and the company plans to close 67 more stores this year, Philadelphia Business Journal reports.