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Exhibit 10.47 REAFFIRMATION OF GUARANTY January 21, 2004 General Electric Capital Corporation, as Agent
500 West Monroe
Chicago, Illinois 60661
Attn: Wilsons Leather Account Manager Please refer to (1) the Fourth Amended and Restated Credit Agreement dated
as of April 23, 2002 (the Credit Agreement), amending and restating that
certain Third Amended and Restated Credit Agreement dated as of June 19, 2001,
amending and restating that certain Second Amended and Restated Credit
Agreement dated as of October 31, 2000, amending and restating that certain
Amended and Restated Credit Agreement dated as of May 24, 1999, amending and
restating that certain Credit Agreement dated as of May 25, 1996 among Wilsons
Leather Holdings Inc. (Borrower), the Loan Parties (as defined therein),
General Electric Capital Corporation, individually and as agent (Agent) and
the Lenders (as defined therein), (2) the First Amendment to Fourth Amended and
Restated Credit Agreement dated as of November 1, 2002 among Borrower, the Loan
Parties, Agent and the Lenders, (3) the Limited Waiver and Second Amendment to
Fourth Amended and Restated Credit Agreement dated as of January 31, 2003 among
Borrower, the Loan Parties, Agent and the Lenders, (4) the Limited Waiver and
Third Amendment to Fourth Amended and Restated Credit Agreement dated as of
April 11, 2003 among Borrower, the Loan Parties, Agent and the Lenders, (5) the
Fourth Amendment to Fourth Amended and Restated Credit Agreement dated the date
hereof among Borrower, the Loan Parties, Agent and the Lenders (the Fourth
Amendment), (6) the Parent Guaranty dated as of May 25, 1996 (as amended, the
Parent Guaranty) by certain of the undersigned in favor of Agent on behalf of
the Lenders under the Credit Agreement, (7) the Store Guarantors Guaranty (as
amended, the Store Guarantors Guaranty) dated as of May 25, 1996 by certain
of the undersigned in favor of Agent on behalf of the Lenders under the Credit
Agreement, (8) the Joinder Agreement dated July 31, 1997 between Wilsons
International, Inc. and Agent, (9) the Joinder Agreement dated May 24, 1999
between certain of the undersigned and Agent, (10) the Joinder Agreement dated
October 10, 2000 between certain of the undersigned and Agent, (11) the Joinder
Agreement dated October 31, 2000 between certain of the undersigned and Agent,
and (12) the Joinder Agreement dated April 13, 2001 between certain of the
undersigned and Agent. Pursuant to the Fourth Amendment, Lenders have agreed, inter alia, to (i)
amend certain provisions of the Credit Agreement, and (ii) continue to make
Loans and to incur Letter of Credit Obligations and Eligible Trade L/C
Obligations on behalf of Borrower. All capitalized terms used but not
otherwise defined herein have the meaning given to them in the Credit Agreement
or in Schedule A thereto.




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We hereby (i) acknowledge receipt of the Fourth Amendment, (ii)
acknowledge and reaffirm all of our obligations and undertakings under the
Parent Guaranty and the Store Guarantors Guaranty (as applicable)
(collectively, the Guaranties), and (iii) acknowledge and agree that
subsequent to, and taking into account such Fourth Amendment, the Guaranties
are and shall remain in full force and effect in accordance with the terms
thereof. PARENTS:Wilsons The Leather Experts Inc.Wilsons Center, Inc.Rosedale Wilsons, Inc.River Hills Wilsons, Inc.By:
    
    /s/ Peter G. MichieluttiTitle:
    
    Executive Vice President, Chief Financial OfficerThe authorized officer of each
of the foregoing corporationsSTORE GUARANTORS:Bermans The Leather Experts Inc.Florida Luggage Corp.Wilsons Leather Direct Inc.Wilsons International Inc.Wilsons Leather of Airports Inc.Wilsons Leather of Alabama Inc.Wilsons Leather of Arkansas Inc.Wilsons Leather of Canada Ltd.Wilsons Leather of Connecticut Inc.Wilsons Leather of Delaware Inc.Wilsons Leather of Florida Inc.Wilsons Leather of Georgia Inc.Wilsons Leather of Indiana Inc.Wilsons Leather of Iowa Inc.Wilsons Leather of Louisiana Inc.Wilsons Leather of Maryland Inc.Wilsons Leather of Massachusetts Inc.Wilsons Leather of Michigan Inc.Wilsons Leather of Mississippi Inc.Wilsons Leather of Missouri Inc.Wilsons Leather of New Jersey Inc.Wilsons Leather of New York Inc.Wilsons Leather of North Carolina Inc.Wilsons Leather of Ohio Inc.
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Wilsons Leather of Pennsylvania Inc.Wilsons Leather of Rhode Island Inc.Wilsons Leather of South Carolina Inc.Wilsons Leather of Tennessee Inc.Wilsons Leather of Texas Inc.Wilsons Leather of Vermont Inc.Wilsons Leather of Virginia Inc.Wilsons Leather of West Virginia Inc.Wilsons Leather of Wisconsin Inc.WWT, Inc.By:
    
    /s/ Peter G. MichieluttiName:
    
    Executive Vice President, Chief Financial OfficerThe authorized officer of each
of the foregoing corporations
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