<PAGE>

                                                             EXHIBIT 10.20

                         AMENDMENT NO. 6 TO CREDIT AGREEMENT

          AMENDMENT NO. 6 TO CREDIT AGREEMENT, dated as of March 30, 1998 (this
"AMENDMENT"), among GANTOS, INC., a Michigan corporation (the "BORROWER"), the
lenders named therein (each individually, a "LENDER" and collectively, the
"LENDERS"), and FLEET BANK, N.A.  (formerly known as Natwest Bank N.A.) as agent
for the Lenders (in such capacity, the "AGENT").

          WHEREAS, the Borrower, the Lenders, and the Agent are party to the
Revolving Credit Agreement, dated as of March 10, 1995 (as amended by amendment
no. 1, dated April 25, 1996, amendment no. 2, dated March 18, 1997, amendment
no. 3, dated October 8, 1997, amendment no. 4, dated as of February 1, 1998 and
amendment no. 5, dated as of February 27, 1998 and as otherwise and/or further
amended, supplemented or modified from time to time in accordance with its
terms, the "CREDIT AGREEMENT"); and

          WHEREAS, subject to the terms and conditions hereof, the parties
hereto desire to amend certain provisions of the Credit Agreement.

          NOW, THEREFORE, for good and valuable consideration, the receipt of
which is hereby acknowledged, and subject to the fulfillment of the conditions
set forth below, the parties hereto agree as follows: 

          1.   DEFINED TERMS.  Unless otherwise specifically defined herein, all
               capitalized terms used herein shall have the respective meanings
               ascribed to such terms in the Credit Agreement.

          2.   AMENDMENTS TO CREDIT AGREEMENT.  Subject to the conditions as to
               effectiveness set forth in Paragraph 4 of this Amendment, the
               Credit Agreement is hereby amended effective as of March 30,
               1998, as follows:

          (a)  The definition of "Borrowing Base" appearing in Article I of the
Credit Agreement is amended and restated in its entirety as follows:       

               "BORROWING BASE" shall mean an amount equal to: 

          (a) ninety percent (90%) of the Net Amount of Eligible Receivables,
     PLUS 

          (b) the excess of: 

<PAGE>

                    (i) the lesser of (A) (1) at any time during the period
               commencing on October 1, 1997 and ending on May 2, 1998, and each
               four month period occurring thereafter commencing on October 1
               and ending on January 31, fifty-five percent (55%) of the
               Eligible Inventory valued at the lower of cost (on a FIFO basis)
               and current market value and (2) at any time during the period
               commencing on May 3, 1998 and ending on September 30, 1998, and
               each eight month period occurring thereafter commencing on
               February 1 and ending on September 30, forty-five percent (45%)
               of the Eligible Inventory valued at the lower of cost (on a FIFO
               basis) and current market value and (B) thirty-five percent (35%)
               of the Retail Value of Eligible Inventory, OVER 

                    (ii) the aggregate amount of all outstanding gift
               certificates sold by the Borrower.

          3.   REPRESENTATIONS AND WARRANTIES.  The Borrower hereby 
represents and warrants as follows (which representations and warranties 
shall survive the execution and delivery of this Amendment) as of the date 
hereof that:

          a.   All representations and warranties contained in the Credit 
Agreement and each of the other Loan Documents are true and correct in all 
material respects as of the date hereof with the same force and effect as if 
made on such date (except to the extent that any such representation or 
warranty relates expressly to an earlier date).

          b.   The Borrower has the corporate power and authority to execute, 
deliver and carry out the terms and provisions of this Amendment and has 
taken all necessary corporate action to authorize the execution, delivery and 
performance of this Amendment.

          c.   This Amendment has been duly executed and delivered and 
constitutes the legal, valid and binding obligation of the Borrower, and is 
enforceable in accordance with its terms, except as the enforceability 
thereof may be limited by bankruptcy, reorganization, insolvency, moratorium 
and other similar laws affecting the enforcement of creditors' rights 
generally and by general equity principles.

          d.   No registration or filing with, consent or approval of, or 
other action by, any Federal, State or other governmental agency, authority 
or regulatory body is or will be required on behalf of the Borrower in 
connection with the execution, delivery, performance, validity or enforcement 
of this Amendment other than any such 

                                       2

<PAGE>

registration or filing which has been made or any such consent, approval or 
other action which has been obtained and remains in full force and effect and 
other than the filing of a Form 10-Q or a Form 10-K with the Securities and 
Exchange Commission.

          e.   The execution, delivery and performance of this Amendment by 
the Borrower will not violate any provision of the certificate or articles of 
incorporation or bylaws of the Borrower or any of its subsidiaries or any 
law, statute, rule or regulation, or any order or decree of any court or 
governmental instrumentality applicable to the Borrower or any of its 
subsidiaries, or violate, result in the breach of or constitute a default 
under any indenture, agreement or other instrument to which the Borrower or 
any of its subsidiaries or any of their respective properties or assets are 
or may be bound.

          f.   After giving effect to this Amendment, the Borrower is in 
compliance with all of the various covenants and agreements applicable to it 
set forth in the Credit Agreement and each of the other Loan Documents.

          g.   After giving effect to this Amendment, no event has occurred 
and is continuing which constitutes or would constitute, with the giving of 
notice or the lapse of time or both, an Event of Default under the Credit 
Agreement or any of the other Loan Documents, or an Event of Default (as 
defined in the Indenture) under the Indenture.

          h.   The Borrower has no defense to or setoff, counterclaim or 
claim against payment of the Obligations or enforcement of the Loan Documents 
based upon a fact or circumstance existing or occurring on or prior to the 
date hereof.

          4.   CONDITIONS PRECEDENT.  Notwithstanding any term or provision 
of this Amendment to the contrary, the amendments set forth in Paragraph 2 
hereof shall become effective as of March 30, 1998 if, and only if, the Agent 
shall have determined that each of the following conditions precedent shall 
have been satisfied, such determination to be conclusively evidenced by the 
Agent's execution and delivery of this Amendment:

          a.   All required corporate actions in connection with the 
execution and delivery of this Amendment shall have been taken, and each 
shall be satisfactory in form and substance to the Agent, and the Agent shall 
have received all information and copies of all documents, including, without 
limitation, records of requisite corporate action that the Agent may 
reasonably request, to be certified by the appropriate corporate person or 
government authorities.

                                       3

<PAGE>

          b.   All representations and warranties made by the Borrower 
contained in Paragraph 3 hereof shall be true and correct with the same 
effect as though such representations and warranties had been made on the 
date of effectiveness of the amendments contained in this Amendment after 
giving effect to such amendments (unless any such representation or warranty 
speaks expressly to an earlier date). 

          c.   Counterparts of this Amendment shall have been duly executed and
delivered on behalf of the Borrower, the Lenders and the Agent.

     5.   CONTINUED EFFECTIVENESS.  The term "Agreement", "hereof", "herein" 
and similar terms as used in the Credit Agreement, and references in the 
other Loan Documents to the Credit Agreement, shall mean and refer to, from 
and after the effective date of the amendments contained herein as determined 
in accordance with Paragraph 4 hereof, the Credit Agreement as amended by 
this Amendment.  Each of the parties hereto agrees that, as amended by this 
Amendment, all of the covenants and agreements and other provisions contained 
in the Credit Agreement and the other Loan Documents are hereby ratified and 
confirmed in all respects and shall remain in full force and effect from and 
after the date of this Amendment.

     6.   COUNTERPARTS.  This Amendment may be executed in two or more 
counterparts, each of which shall be an original, and all of which, taken 
together, shall constitute a single instrument.  Delivery of an executed 
counterpart of a signature page to this Amendment by telecopier shall be 
effective as delivery of a manually executed counterpart of this Amendment.

     7.   GOVERNING LAW.  THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE 
WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT 
TO THE CONFLICTS OF LAWS PRINCIPLES THEREOF).

                                       4

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed by their respective officers thereunto duly authorized as of
the day and year first above written.


                                GANTOS, INC., as Borrower


                                By:________________________________
                                  Name:
                                  Title:

                                FLEET BANK, N.A. (formerly known as Natwest
                                Bank N.A.), as Agent and as a Lender


                                By:________________________________
                                  Name:
                                  Title:










                                       5