Document:

Exhibit 10.130

                                FOURTH AMENDMENT

                                       TO

                               FINANCING AGREEMENT

     Fourth Amendment, dated as of April 30, 2000, to the Financing Agreement,
dated as of February 26, 1999, as amended by the First Amendment, dated as of
March 25, 1999, by the Second Amendment, dated as of August 10, 1999 and by the
Third Amendment dated as of February 15, 2000 (as so amended, the "Financing
Agreement"), by and among Aris Industries, Inc., a New York corporation (the
"Company"), Europe Craft Imports, Inc., a New Jersey corporation ("ECI"), ECI
Sportswear, Inc., a New York corporation ("Sportswear"), Stetson Clothing
Company, Inc., a Delaware corporation ("Stetson"), XOXO Clothing Company,
Incorporated, a Delaware corporation ("XOXO"), B P Clothing Company, Inc., a New
York corporation ("B P" and together with ECI, Sportswear, Stetson and XOXO,
each a "Borrower" and collectively the "Borrowers"), the financial institutions
from time to time party thereto (each a "Lender" and collectively, the
"Lenders"), The Chase Manhattan Bank, as administrative agent, book manager and
arranger for the Lenders (in such capacity, the "Administrative Agent") and The
CIT Group/Commercial Services, Inc., as collateral agent for the Lenders (in
such capacity, the "Collateral Agent" or "Agent").

     WHEREAS, the Company, the Borrowers, the Lenders, the Administrative Agent
and the Agent wish to amend certain provisions of the Financing Agreement.

     Accordingly, the Company, the Borrowers, the Lenders, the Administrative
Agent and the Agent hereby agree as follows:

     1. Definitions. All capitalized terms used herein and not otherwise defined
herein are used herein as defined in the Financing Agreement.

     2. Existing Definitions.

     (a) The definition of the term "Consolidated Net Income (Loss)" in Section
1.01 of the Financing Agreement is hereby amended to add the following at the
end thereof: "For purposes of the financial covenants set forth in Section
7.02(p) of this Agreement, Consolidated Net Income (Loss) shall be increased by
the sum of (i) $400,000, representing the amendment fee paid to the Lenders in
connection with the Fourth Amendment, and (ii) an amount equal to the value of
the non-cash compensation granted to Arnold Simon in connection with the Simon
Limited Guaranty."

     (b) The definition of the term "Consolidated Net Worth" in Section 1.01 of
the Financing Agreement is hereby amended to add the following at the end
thereof: "For purposes of the financial covenants set forth in Section 7.02(p)
of this Agreement, Consolidated Net Worth shall be increased by the sum of (i)
$400,000, representing the amendment fee paid to the Lenders in connection with
the Fourth Amendment, and (ii) an amount equal to the value of non-cash
compensation granted to Arnold Simon in connection with the Simon Limited
Guaranty."

<PAGE>

     (c) The definition of the term "Guaranties" in Section 1.01 of the
Financing Agreement is hereby amended by (i) deleting the word "and" after
clause (i) thereof, and (ii) adding a new clause (iii) to read as follows:
"(iii) the Simon Limited Guaranty."

     (d) The definition of the term "Overadvance Amount" in Section 1.01 of the
Financing Agreement is hereby amended in its entirety to read as follows:

          "'Overadvance Amount' means (i) $7,000,000 from April 1, 2000 through
     and including April 29, 2000, (ii) $6,000,000 on April 30, 2000, (iii)
     $9,000,000 from May 1, 2000 through and including May 30, 2000, (iv)
     $8,000,000 on May 31, 2000, (v) $7,500,000 from June 1, 2000 through and
     including June 29, 2000, (vi) $6,500,000 on June 30, 2000, (vii) $4,500,000
     from July 1, 2000 through and including July 30, 2000, (viii) $3,500,000 on
     July 31, 2000, (ix) $2,000,000 from August 1, 2000 through and including
     August 30, 2000, (x) $1,000,000 on August 31, 2000, and (xi) zero
     thereafter."

     3. New Definitions: The following new definitions are added to Section 1.01
of the Financing Agreement in the appropriate alphabetical order to read as
follows:

          "'Fourth Amendment' means the Fourth Amendment, dated as of April 30,
     2000, to this Agreement."

          "'Guaranty Payment' has the meaning specified therefor in Section
     7.02(r)."

          "'Reimbursement Payment' has the meaning specified therefor in Section
     7.02(r)."

          "'Simon Limited Guaranty' means the Limited Guaranty dated as of April
     30, 2000 made by Arnold Simon in favor of the Lenders and the Agent in
     connection with the Fourth Amendment."

     4. Settlement Period. The first sentence of Section 2.05(b)(i) of the
Financing Agreement is hereby amended in its entirety to read as follows:

          "With respect to each Eurodollar Loan, on the first and the last day
     of each Interest Period and, with respect to all periods for which the
     Agent, on behalf of the Lenders, has funded Base Rate Loans pursuant to
     subsection 2.05(a), on the first Business Day after the last day of each
     week, or such shorter period as the Agent may from time to time select (any
     such period being herein called a "Settlement Period"), the Agent shall
     notify each Lender of the unpaid principal amount of the Revolving Credit
     Loans outstanding as of the last of the Settlement Period."

                                      -2-

<PAGE>

     5. Interest. Section 2.06(a) of the Financing Agreement is hereby amended
in its entirety to read as follows:

          "(a) Loans. (i) Each Revolving Credit Loan which is a Eurodollar Loan
     shall bear interest on the principal amount thereof from time to time
     outstanding from the date of such Loan until such principal amount becomes
     due, at a rate per annum equal to the Eurodollar Rate for the Interest
     Period in effect for such Loan plus 2.75%. Each Revolving Credit Loan which
     is a Base Rate Loan shall bear interest on the principal amount thereof
     from time to time outstanding from the date of such Loan, until such
     principal amount becomes due, at a rate per annum equal to the Base Rate
     plus 0.25%.

          (ii) Each Term Loan which is a Eurodollar Loan shall bear interest on
     the principal amount thereof from time to time outstanding from the date of
     such Loan until such principal amount becomes due, at a rate per annum
     equal to the Eurodollar Rate for the Interest Period in effect for such
     Loan plus 3.25%. Each Term Loan which is a Base Rate Loan shall bear
     interest on the principal amount thereof from time to time outstanding from
     the date of such Loan, until such principal amount becomes due, at a rate
     per annum equal to the Base Rate, plus 0.75%."

     6. Prepayment of Loans. The first sentence of Section 2.07(c) of the
Financing Agreement is hereby amended in its entirety to read as follows:

          "If at any time the Borrowing Base is less than the sum of the
     outstanding principal on all Revolving Credit Loans outstanding plus the
     outstanding amount of all Letter of Credit Obligations, the Borrowers will
     (i) immediately give notice of such occurrence to the Agent and (ii) prepay
     the Revolving Credit Loans in an amount which will reduce the sum of the
     outstanding principal on all Revolving Credit Loans, to an amount less than
     or equal to the then current Borrowing Base, less the outstanding amount of
     all Letter of Credit Obligations."

     7. Availability. (a) Section 2.07(h) of the Financing Agreement is hereby
amended in its entirety to read as follows:

          "Notwithstanding anything to the contrary contained in this Agreement,
     the Borrowers shall repay the Revolving Credit Loans in an amount
     sufficient to cause the Availability of the Borrowers, after giving effect
     to all Revolving Credit Loans and Letter of Credit Obligations, to be not
     less than $3,000,000 on the last day of October and November of each year."

                                      -3-

<PAGE>

     8. Amendment Fee. The following Section 2.08(d) is hereby added to Section
2.08 of the Financing Agreement:

          "(d) Fourth Amendment Fee. Upon the effective date of the Fourth
     Amendment, the Borrowers shall be jointly and severally obligated to pay to
     the Agent, for the ratable benefit of the Lenders in accordance with their
     Pro Rata Shares, an amendment Fee of $400,000, which amendment fee shall be
     fully earned on the effective date of the Fourth Amendment and shall be
     payable $200,000 on May 31, 2000 and $200,000 on June 30, 2000."

     9. Monthly Financial Statements. Section 7.01(a)(iii) of the Financing
Agreement is hereby amended by deleting the month "January 2000" in the second
line thereof and substituting in lieu thereof "July 2000."

     10. Indebtedness. Section 7.02(b) of the Financing Agreement is hereby
amended by (i) deleting the word "and" after clause (viii) thereof, (ii)
redesignating clause (ix) thereof as new clause (x) thereof, and (iii) adding a
new clause (ix) to read as follows:

          "(ix) to the extent it constitutes Indebtedness, obligations with
     respect to any Reimbursement Payment; and"

     11. Investments. Section 7.02(f) of the Financing Agreement is hereby
amended by (i) deleting the word "and" after clause (vi) thereof, (ii)
redesignating clause (vii) thereof as new clause (viii) thereof, and (iii)
adding a new clause (vii) to read as follows:

          "(vii) loans and advances by any Borrower to the Company, the proceeds
     of which are used to make a Reimbursement Payment permitted by Section
     7.02(r), provided that such loans and advances are without duplication of
     any dividends made pursuant to Section 7.02(i)(v); and"

     12. Dividends. Section 7.02(i) of the Financing Agreement is hereby amended
by (i) deleting the word "and" after clause (iii) thereof and (ii) adding a new
clause (v) to read as follows:

          "(v) the Borrowers may pay dividends to the Company, the proceeds of
     which are used to make a Reimbursement Payment permitted by Section
     7.02(r), provided that such dividends are without duplication of any loans
     and advances made pursuant to Section 7.02(f)(vii)."

     13. Transactions with Affiliates. Section 7.02(m) of the Financing
Agreement is hereby amended by deleting the words "Except as set forth in
Schedule 7.02(m)," and substituting in lieu thereof "Except as set in Schedule
7.02(m) and except for any Reimbursement Payment permitted by Section 7.02(r),"

                                      -4-

<PAGE>

     14. Financial Covenants. Section 7.02(p) of the Financing Agreement is
hereby amended in its entirety to read as follows:

          "(i) Net Worth. Permit Consolidated Net Worth of the Company and its
     Consolidated Subsidiaries at the end of each of the following Fiscal
     Quarters to be less than: (A) for the Fiscal Quarter ending as of March 31,
     2000, $30,750,000, (B) for the Fiscal Quarter ending as of June 30, 2000,
     $25,000,000, (C) for the Fiscal Quarter ending as of September 30, 2000,
     $32,500,000, and (D) for the Fiscal Quarter ending December 31, 2000,
     $37,650,000;

     provided that, upon receipt of the financial projections required to be
     delivered to the Lenders pursuant to Section 7.01(a)(vi) hereof for each
     Fiscal Year, the Company and the Agent shall negotiate in good faith to
     determine the Consolidated Net Worth for the Company and its Consolidated
     Subsidiaries as of the end of each Fiscal Quarter covered by such financial
     projections and, in the event that the Company and the Required Lenders are
     unable to agree upon the amounts of such Consolidated Net Worth on or
     before the date that is 30 days after the date that the Lenders have
     received such financial projections, the Consolidated Net Worth at the end
     of each Fiscal Quarter of the Fiscal Year covered by such financial
     projections shall not be less than the amount set forth for the last Fiscal
     Quarter end set forth above (December 31, 2000).

          (ii) Debt Service Coverage Ratio. For each period of four (4)
     consecutive Fiscal Quarters for which the last Fiscal Quarter ends on a
     date set forth below, permit the ratio of (A) Consolidated EBITDA of the
     Company and its Consolidated Subsidiaries for such period to (B) the sum of
     (x) gross interest expense of the Company and its Consolidated Subsidiaries
     for such period plus (y) all principal of Indebtedness for borrowed money
     of the Company and its Consolidated Subsidiaries having a scheduled payment
     or due date in such period plus (z) all amounts payable by the Company and
     its Consolidated Subsidiaries on Capitalized Lease Obligations having a
     scheduled due date in such period (the "Debt Service Coverage Ratio") to be
     less than the amount set forth below opposite such date:

                                                         Debt Service
                Fiscal Quarter                          Coverage Ratio
                --------------                          --------------
              March 31, 2000                              0.75:1.0

              June 30, 2000                               0.30:1.0

              September 30, 2000                          0.75:1.0

              December 31, 2000                           1.25:1.0

                                      -5-

<PAGE>

     provided that, upon receipt of the financial projections required to be
     delivered to the Lenders pursuant to Section 7.01(a)(vi) hereof for each
     Fiscal Year, the Company and the Agent shall negotiate in good faith to
     determine the Debt Service Coverage Ratio as of the end of each Fiscal
     Quarter covered by such financial projections and, in the event that the
     Company and the Required Lenders are unable to agree upon such ratio on or
     before the date that is 30 days after the date that the Lenders have
     received such financial projections, the Debt Service Coverage Ratio at the
     end of each Fiscal Quarter of the Fiscal Year covered by such financial
     projections shall not be less than the ratio set forth for the last Fiscal
     Quarter end set forth above (December 31, 2000).

          (iii) Net Loss. Incur an Adjusted Consolidated Net Loss (A) for the
     Fiscal Quarter ending March 31, 2000 of more than ($6,400,000), (B) for the
     Fiscal Quarter ending June 30, 2000 of more than ($4,800,000), and (C) for
     any Fiscal Quarter commencing on or after the Fiscal Quarter ending
     September 30, 2000;

     provided that, upon receipt of the financial projections required to be
     delivered to the Lenders pursuant to Section 7.01(a)(vi) hereof for each
     Fiscal Year, the Company and the Agent shall negotiate in good faith to
     determine the Adjusted Consolidated Net Loss as of the end of each Fiscal
     Quarter covered by such financial projections and, in the event that the
     Company and the Required Lenders are unable to agree upon the amounts of
     such Adjusted Consolidated Net Loss on or before the date that is 30 days
     after the date that the Lenders have received such financial projections,
     there shall be no Adjusted Consolidated Net Loss at the end of any Fiscal
     Quarter of the Fiscal Year covered by such financial projections.

          (iv) Fixed Charge Coverage Ratio. Permit the ratio of Consolidated
     EBITDA of the Company and its Consolidated Subsidiaries to Consolidated
     Fixed Charges of the Company and its Consolidated Subsidiaries for each
     period of four (4) consecutive quarters for which the last quarter ends on
     a date set forth below to be less than the amount set forth opposite such
     date:

                                                  Minimum Fixed
                Fiscal Quarter                Charge Coverage Ratio
                --------------                ---------------------
              June 30, 2000                         0.20:1.0

              September 30, 2000                    0.40:1.0

              December 31, 2000                     0.80:1.0

                                      -6-

<PAGE>

     provided that, upon receipt of the financial projections required to be
     delivered to the Lenders pursuant to Section 7.01(a)(vi) hereof for each
     Fiscal Year, the Company and the Agent shall negotiate in good faith to
     determine the ratio of Consolidated EBITDA of the Company and its
     Consolidated Subsidiaries to Consolidated Fixed Charges of the Company and
     its Consolidated Subsidiaries as of the end of each Fiscal Quarter covered
     by such financial projections and, in the event that the Company and the
     Required Lenders are unable to agree upon such ratio on or before the date
     that is 30 days after the date that the Lenders have received such
     projections, such ratio for each Fiscal Quarter of the Fiscal Year covered
     by such financial projections shall not be less than the ratio set forth
     for the last Fiscal Quarter end set forth above (December 31, 2000)."

     15. Reimbursement Payments. The following Section 7.02(r) is hereby added
to Section 7.02 of the Financing Agreement to read as follows:

          "(r) Reimbursement Payments. After any payment is made by or on behalf
     of Arnold Simon under the Simon Limited Guaranty (a "Guaranty Payment"),
     directly or indirectly, make or permit any of their Subsidiaries to make,
     any payment in the nature of a subrogation, reimbursement, exoneration,
     contribution or indemnity payment or any other similar payment, whether
     arising by operation of law or by contract, to or for the benefit of Arnold
     Simon in connection with such Guaranty Payment, provided that, at any time
     on or after December 10, 2000, the Company or any Borrower may make a
     Reimbursement Payment in an amount not exceeding the amount of the
     corresponding Guaranty Payment if (i) no Event of Default exists
     immediately after giving effect to such Reimbursement Payment and no Event
     of Default has existed at any time during the period of thirty (30)
     consecutive days prior to such Reimbursement Payment and (ii) Availability
     is not less than $1,000,000 immediately after giving effect to such
     Reimbursement Payment."

     16. Availability. Section 7.02(s) of the Financing Agreement is hereby
amended in its entirety to read as follows:

          "(s) Availability. Permit Availability, after giving effect to all
     Revolving Credit Loans and Letter of Credit Obligations outstanding, to be
     less than $3,000,000 on the last day of October and November of each year."

     17. Waivers and Consents. (a) Pursuant to the request of the Company and
the Borrowers and in accordance with Section 12.03 of the Financing Agreement,
the Lenders hereby consent to, and waive any Event of Default that would
otherwise arise under Sections 10.01(a) and (c) of the Financing Agreement from
any non-compliance by the Company and the Borrowers with the provisions of (i)
Section 7.01(k) of the Financing Agreement by

                                      -7-

<PAGE>

reason of the failure of the Company and the Borrowers to furnish to the Agent
for the benefit of the Lenders a collateral assignment of the key man life
insurance policy described in such Section, provided that such collateral
assignment is delivered to the Agent on or before May 31, 2000, (ii) Section
7.01(o) of the Financing Agreement by reason of the failure of the Company and
the Borrowers to furnish to the Lenders (A) appraisals of all trademarks of the
Borrowers on or before October 15, 1999, and (B) appraisals of all Inventory of
the Borrowers, (iii) Section 7.01(p) of the Financing Agreement by reason of the
failure of the Borrowers to furnish the waivers and access agreements described
in such Section prior to October 15, 1999, provided that the Borrowers use best
efforts to furnish such waivers and access agreements to the Agent prior to June
30, 2000; (iv) Section 7.02(p)(iii) of the Financing Agreement by reason of the
Adjusted Consolidated Net Loss being greater than ($1,500,000) for the Fiscal
Quarter ending December 31, 1999, provided that the Adjusted Consolidated Net
Loss for such Fiscal Quarter was not greater than ($2,900,000), and (v) Sections
2.07(b) and 7.02(s) of the Financing Agreement by reason of Availability being
less than $7,500,000 on December 31, 1999, provided that Availability was not
less than $5,000,000 on such date.

     (b) The waivers and consents contained in this Section 17 (i) shall become
effective as of the Fourth Amendment Effective Date (as hereinafter defined),
(ii) shall be effective only in this specific instance and for the specific
purposes set forth herein, and (iii) do not allow for any other or further
departure from the terms and conditions of the Financing Agreement or any other
Loan Document, which terms and conditions shall continue in full force and
effect.

     18. Conditions to Effectiveness. This Amendment shall become effective only
upon satisfaction in full of the following conditions precedent (the first date
upon which all such conditions have been satisfied being herein called the
"Fourth Amendment Effective Date"):

          (a) The representations and warranties contained herein, in Article VI
     of the Financing Agreement and in each other Loan Document and certificate
     or other writing delivered to the Agent and the Lenders pursuant hereto on
     or prior to the Fourth Amendment Effective Date shall be correct on and as
     of the Fourth Amendment Effective Date as though made on and as of such
     date (except to the extent that such representations and warranties
     expressly relate solely to an earlier date in which case such
     representations and warranties shall be true and correct on and as of such
     date); and no Default or Event of Default shall have occurred and be
     continuing on the Fourth Amendment Effective Date or would result from this
     Amendment becoming effective in accordance with its terms.

          (b) The Agent shall have received on or before the Fourth Amendment
     Effective Date counterparts of this Amendment which bear the signatures of
     the Company, the Borrowers and each of the Lenders.

          (c) The Agent shall have received on or before the Fourth Amendment
     Effective Date a Limited Guaranty made by Arnold Simon in favor of the
     Lenders and the Agent in the form of Annex I hereto.

          (d) All legal matters incident to this Amendment shall be satisfactory
     to the Agent and its special counsel.

                                      -8-

<PAGE>

     19. Representations and Warranties. Each of the Company and the Borrowers
represents and warrants to the Lenders as follows:

          (a) The Company and each Borrower (i) is duly organized, validly
     existing and in good standing under the laws of the state of its
     organization and (ii) has all requisite power, authority and legal right to
     execute, deliver and perform this Amendment and all other documents
     executed by it in connection with this Amendment, and to perform the
     Financing Agreement, as amended hereby.

          (b) The execution, delivery and performance by the Company and the
     Borrowers of this Amendment and all other documents executed by it in
     connection with this Amendment and the performance by the Company and the
     Borrowers of the Financing Agreement as amended hereby (i) have been duly
     authorized by all necessary action, (ii) do not and will not violate or
     create a default under the Company's or any Borrower's organizational
     documents, any applicable law or any contractual restriction binding on or
     otherwise affecting the Company or any Borrower or any of the Company's or
     such Borrower's properties, and (iii) except as provided in the Loan
     Documents, do not and will not result in or require the creation of any
     Lien, upon or with respect to the Company's or any Borrower's property.

          (c) No authorization or approval or other action by, and no notice to
     or filing with, any Governmental Authority or other regulatory body is
     required in connection with the due execution, delivery and performance by
     the Company or any of the Borrowers of this Amendment and all other
     documents executed by it in connection with this Amendment, and the
     performance by the Company and the Borrowers of the Financing Agreement as
     amended hereby.

          (d) This Amendment and the Financing Agreement, as amended hereby and
     all other documents executed in connection with this Amendment constitute
     the legal, valid and binding obligations of the Company and the Borrowers
     party thereto, enforceable against such Persons in accordance with their
     terms except to the extent the enforceability thereof may be limited by any
     applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws from time to time in effect affecting generally the enforcement of
     creditors' rights and remedies and by general principles of equity.

          (e) The representations and warranties contained in Article VI of the
     Financing Agreement are correct on and as of the Fourth Amendment Effective
     Date as though made on and as of the Fourth Amendment Effective Date
     (except to the extent such representations and warranties expressly relate
     to an earlier date), and no Event of Default or Default, has occurred and
     is continuing on and as of the Fourth Amendment Effective Date.

     20. Continued Effectiveness of Financing Agreement. Each of the Company and
the Borrowers hereby (i) confirms and agrees that each Loan Document to which it
is a party is, and shall continue to be, in full force and effect and is hereby
ratified and confirmed in all respects except that on and after the Fourth
Amendment Effective Date of this Amendment all references in any such Loan
Document to "the Financing Agreement", "thereto", "thereof", "thereunder" or
words of like import referring to the Financing Agreement shall mean the
Financing Agreement as amended by this Amendment, and (ii) confirms and agrees
that to the

                                      -9-

<PAGE>

extent that any such Loan Document purports to assign or pledge to the Agent, or
to grant to the Agent a Lien on any collateral as security for the Obligations
of the Company and the Borrowers from time to time existing in respect of the
Financing Agreement and the Loan Documents, such pledge, assignment and/or grant
of a Lien is hereby ratified and confirmed in all respects.

     21. Miscellaneous.

     (a) This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which shall be deemed
to be an original, but all of which taken together shall constitute one and the
same agreement.

     (b) Section and paragraph headings herein are included for convenience of
reference only and shall not constitute a part of this Amendment for any other
purpose.

     (c) This Amendment shall be governed by, and construed in accordance with,
the laws of the State of New York.

     (d) The Borrowers will pay on demand all out-of-pocket costs and expenses
of the Agent in connection with the preparation, execution and delivery of this
Amendment, including, without limitation, the reasonable fees, disbursements and
other charges of Schulte Roth & Zabel LLP, counsel to the Agent.

                                      -10-

<PAGE>

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

                                       ARIS INDUSTRIES, INC.

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       EUROPE CRAFT IMPORTS, INC.

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       ECI SPORTSWEAR, INC.

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       STETSON CLOTHING COMPANY, INC.

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       B P CLOTHING COMPANY, INC.

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       XOXO CLOTHING COMPANY, INCORPORATED

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                      -11-

<PAGE>

                                       AGENTS AND LENDERS

                                       THE CIT GROUP/COMMERCIAL SERVICES,
                                         INC., as Collateral Agent

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       THE CHASE MANHATTAN BANK,
                                         as Administrative Agent

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       ISRAEL DISCOUNT BANK OF NEW YORK

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                       PNC BANK, NATIONAL ASSOCIATION

                                       By:_____________________________________

                                       Name:___________________________________

                                       Title:__________________________________

                                      -12-EXHIBIT 10.18

                        SECOND AMENDMENT AND MODIFICATION

                         TO LOAN AND SECURITY AGREEMENT

     THIS SECOND AMENDMENT AND MODIFICATION TO LOAN AND SECURITY AGREEMENT (the
"AGREEMENT") is made effective as of October 13, 1999 by and among TODAY'S MAN,
INC., a Pennsylvania corporation ("BORROWER"); each of the Subsidiaries of the
Borrower identified under the caption "Guarantor" on the signature pages of this
Agreement (individually, a "GUARANTOR" and, collectively, the "GUARANTORS");
each of the financial institutions identified under the caption "Lenders" on the
signature pages of this Agreement (including without limitation Mellon in such
capacity) (individually, a "LENDER" and, collectively, the "LENDERS"); and
MELLON BANK, N.A., a national banking association, as agent for the Lenders (in
such capacity, together with its successors in such capacity, the "AGENT").

                                   BACKGROUND

     A. Borrower, Guarantors, Lenders and Agent previously entered into a
certain Loan and Security Agreement dated December 4, 1998, as amended by that
certain First Amendment and Modification to Loan and Security Agreement dated
April 28, 1999 (as amended, the "LOAN AGREEMENT"), pursuant to which, inter
alia, Lenders agreed to extend to Borrower a revolving credit facility up to a
maximum outstanding principal amount of Forty Five Million Dollars
($45,000,000.00).

     B. Borrower and Guarantors have requested and Lenders and Agent have agreed
to amend the terms of the Loan Agreement in accordance with the terms and
conditions hereof.

     C. Capitalized terms used herein and not otherwise defined herein shall
have the meanings set forth for such terms in the Loan Agreement.

     D. NOW, THEREFORE, in consideration of foregoing premises and intending to
be legally bound hereby, the parties hereto agree as follows:

     1. EXPANSION STORE SUBLIMIT. SECTION 3.7 of the Loan Agreement shall be and
is hereby amended to read, in its entirety, as follows:

               "3.7 EXPANSION STORE SUBLIMIT . Notwithstanding anything herein
               or elsewhere to the contrary, Agent may permit Out-of-Formula
               Advances under the Revolving Credit Facility in an amount up to
               $500,000.00 outstanding at any time (the "EXPANSION STORE
               SUBLIMIT"), which Advances may only be used by Borrower to
               finance the cost of acquiring finished goods inventory to be sold
               from and at new retail store locations opened by Borrower after
               the date of this Agreement.

<PAGE>

               No more than five (5) Advances under the Expansion Store Sublimit
               shall be permitted in any Loan Year. Each Advance under the
               Expansion Store Sublimit must be in increments of $100,000.00.
               Each Advance under the Expansion Store Sublimit shall be repaid
               in twelve (12) equal and consecutive monthly installments on the
               first day of each calendar month commencing on the first day of
               the calendar month after such Advance is made. To the extent not
               previously repaid all of such Advances shall be repaid in full on
               the expiration date of the Contract Period. Borrower may not
               prepay such Advances. All payments required to be made by
               Borrower in connection with Advances under the Expansion Store
               Sublimit may be made, at Agent's option, by Agent debiting the
               Borrower's operating account maintained by Borrower with Agent.

               The Expansion Store Sublimit shall only be available to Borrower
               at the option of Agent. On or before December 1 of each year
               Agent will notify Borrower whether the Expansion Store Sublimit
               will continue to be made available to Borrower for the next
               twelve-month period. In the absence of such notice, the Expansion
               Store Sublimit will be available to Borrower for the next
               twelve-month period.

               Notwithstanding anything herein or elsewhere to the contrary: (a)
               the outstanding principal of all Advances under the Revolving
               Credit Facility, including without limitation Advances under the
               Expansion Store Sublimit, but excluding Advances to pay interest,
               fees and Lender Group Expenses, shall not exceed the Maximum
               Revolving Credit Facility; (b) upon the occurrence of a Default,
               at the option of Agent, Borrower shall not be entitled to receive
               any further Advances under the Expansion Store Sublimit; and (c)
               Borrower may only use Advances under the Expansion Store Sublimit
               to finance the cost of acquiring finished goods inventory to be
               sold from and at new retail store locations opened by Borrower
               after the date of this Agreement."

     2. APPLICABLE MARGIN. SECTION 6.4 of the Loan Agreement shall be and is
hereby amended to read, in its entirety, as follows:

               "6.4 The "APPLICABLE MARGIN" is equal to the percent per annum in
               excess of the Base Rate or LIBOR Rate as set forth in the
               following pricing matrix:

                                                                               2
<PAGE>

<TABLE>
<CAPTION>

                                                                     REVOLVING CREDIT
                                                    REVOLVING           FACILITY
                                                 CREDIT FACILITY     [NON-EXPANSION    EXPANSION STORE
                                                  [ALL ADVANCES]     STORE SUBLIMIT]     SUBLIMIT
Level                  Borrower's Annual           Base Rate          LIBOR Rate        LIBOR Rate
                                   EBITDA              +                  +                 +
-----------------------------------------------------------------------------------------------------
<S>              <C>                                  <C>                <C>              <C>
Level I          < $9,000,000                          .50%              3.00%            3.50%
Level II         > $9,000,000 < $10,000,000            .25%              2.75%            3.25%
                 -
Level II         > $10,000,000 < $15,000,000          .125%              2.50%            3.00%
                 -
Level IV         > $15,000,000 < $25,000,000           .00%              2.25%            2.75%
                 -
Level V          > $25,000,000 < $30,000,000           .00%              2.00%            2.50%
                 -
Level VI         > $30,000,000                         .00%              1.75%            2.25%
                 -
</TABLE>

                    From September 30, 1999 through the date of receipt of the
               Borrower's fiscal year-end January 31, 2000 audited financial
               statements, the Applicable Margin for Advances under the
               Revolving Credit Facility shall be the Applicable Margin set
               forth on Level II in the above-described pricing matrix.
               Thereafter, the Applicable Margin will be based upon Borrower's
               EBITDA on an annual basis as reflected on Borrower's year-end
               audited financial statements delivered to Agent pursuant to
               SECTION and absent an Event of Default, provided, however, if the
               Borrower's year end financial statements are not delivered at the
               time specified in SECTION below, then the Applicable Margin for
               any given kind of Loan shall, in the event that such statements
               are not delivered within two (2) Business Days of receipt of
               notice from the Agent, be the highest Applicable Margin set forth
               above for such kind of Loan during any period that the Borrower
               is delinquent in the delivery of such financial statements,
               provided further, that if such financial statements are not
               delivered within thirty (30) days after the original due date,
               then interest shall accrue, at the option of Agent, at the
               Default Rate."

     3. NEW STORE LOCATIONS. SECTION 12.24 of the Loan Agreement shall be and is
hereby amended to read, in its entirety, as follows:

               "12.24 NEW STORE LOCATIONS.

                    (a) Borrower will not open any more than four (4) new stores
               during its fiscal year ending January 31, 2000. Borrower will not
               open any more than three (3) new stores during its

                                                                               3
<PAGE>

               fiscal year ending January 31, 2001. Borrower will not open any
               more than six (6) new stores in any fiscal year after its fiscal
               year ending January 31, 2001 without the consent of Agent. If
               Borrower opens less than six (6) new stores in any fiscal year
               after its fiscal year ending January 31, 2001 ("UNOPENED
               STORES"), the number of new stores which may be opened in the
               next fiscal year may be increased by the number of such Unopened
               Stores, provided that, in no event may Borrower open more than
               eight (8) new stores in any one fiscal year without the consent
               of Agent. As a condition of opening each new location, Borrower
               will (i) deliver to Agent at least ninety (90) days prior written
               notice of its intent to open a new store; (ii) use its best
               efforts to provide to Agent (for the pro rata benefit of the
               Lenders) a first priority perfected Mortgage, a Landlord's
               Consent and a recorded Memorandum of Lease for each new store
               location in form and content acceptable to Agent; (iii) deliver
               to Agent any UCC-1 financing statements required by Agent to
               perfect Agent's first priority Lien in assets of Borrower located
               on such premises; (iv) deliver to Agent search reports in form
               and content acceptable to Agent indicating that there are no
               Liens encumbering Borrower's assets at such new location except
               the Lien in favor of Agent (for the pro rata benefit of Lenders);
               and (v) deliver to Agent such legal opinions regarding the
               Mortgage and related documents as Agent may require.

                    (b) In the event that Borrower receives proceeds as a result
               of the payment of the exercise price of the existing Warrants
               currently issued by Borrower (collectively, "WARRANT PROCEEDS"),
               Borrower may utilize such Warrant Proceeds to open additional new
               stores in excess of the number permitted under SECTION, provided
               that (i) Borrower complies with the requirements set forth in
               subsection SECTION (I) THROUGH (V) for such additional new
               stores; (ii) the funds paid from the Warrant Proceeds to open
               such additional new stores must be spent within twenty-four (24)
               months of the termination date for the exercise of the Warrants;
               (iii) no more than three (3) additional new stores may be opened
               in the fiscal year ending January 31, 2001 or in the fiscal year
               ending January 31, 2002; and (iv) no more than fifteen (15) new
               stores, including new stores opened pursuant to SECTION and this
               SECTION, may be opened between February 1, 2000 and January 31,
               2002.

                    (C) Notwithstanding anything herein or elsewhere to the
               contrary, if an Event of Default has occurred, Borrower may

                                                                               4
<PAGE>

               not open any new stores thereafter without the prior consent of
               Agent."

     4. TANGIBLE NET WORTH. SECTION 13.1 of the Loan Agreement shall be and is
hereby amended to read, in its entirety, as follows:

                    "13.1 TANGIBLE NET WORTH. Borrower will maintain Tangible
               Net Worth of not less than (a) $49,500,000 as of February 1, 1999
               and at all times thereafter until January 30, 2000; (b)
               $55,500,000 as of January 31, 2000; (c) $54,500,000 as of
               February 1, 2000 and at all times thereafter until January 30,
               2001; (d) $61,000,000 as of January 31, 2001 and at all times
               thereafter until January 30, 2002; and (e) $66,400,000 as of
               January 31, 2002 and at all times thereafter."

     5. CAPITAL EXPENDITURES. SECTION 13.3 of the Loan Agreement shall be and is
hereby amended to read, in its entirety, as follows:

                    "13.3 CAPITAL EXPENDITURES. Borrower will not cause, suffer
               or permit Borrower's aggregate annual Capital Expenditures to
               exceed (a) $4,000,000 for the fiscal year ending January 31,
               1999; (b) $6,500,000 for the fiscal year ending January 31, 2000;
               and (c) $7,500,000 for the fiscal year ending January 31, 2001
               and for each fiscal year thereafter. To the extent that the
               permitted amount of Capital Expenditures are not used in any one
               fiscal year, the unused portion not to exceed fifty percent (50%)
               of permitted Capital Expenditures for such year may be utilized
               in the following fiscal year. The limitations on permitted
               Capital Expenditures set forth above shall not apply to Capital
               Expenditures funded with Warrant Proceeds as permitted under
               SECTION or to Capital Expenditures made by Borrower to repair or
               replace items damaged by a casualty loss."

     6. FIXED CHARGE COVERAGE RATIO. SECTION 13.4 of the Loan Agreement shall be
and is hereby amended to read, in its entirety, as follows:

                    "13.4 FIXED CHARGE COVERAGE RATIO. Borrower will maintain a
               Fixed Charge Coverage Ratio tested quarterly on a rolling four
               (4) quarters basis of not less than (a) 1.1 to 1.0 for the fiscal
               quarters ending January 31, 1999, April 30, 1999 and July 31,
               1999, respectively; (b) .80 to 1.0 for the fiscal quarter ending
               October 31, 1999; (c) 1.0 to 1.0 for the fiscal quarters ending
               January 31, 2000, April 30, 2000, July 31, 2000 and October 31,
               2000, respectively; and (d) 1.5 to 1.0 for the fiscal

                                                                               5
<PAGE>

               quarter ending January 31, 2001 and for each fiscal quarter end
               thereafter."

     7. WARRANTS. Borrower has requested that Bank agree to the amendment of
certain outstanding Warrant Agreements issued by Borrower. Notwithstanding
SECTION 12.29 of the Loan Agreement. Bank consents to the amendment of the terms
of such outstanding Warrants Agreements, provided that, no other material
amendments will be made to such Warrant Agreements except for the extension of
the termination of the exercise date of such Warrants from December 31, 1999 to
a date no later than June 30, 2001. Borrower agrees to deliver to Bank a copy of
the amended Warrant Agreement at such time that it is circulated to the Warrant
Holders for execution. The copy of the Warrant Agreement attached as EXHIBIT L
to the Loan Agreement will be replaced and superceded by such amended copy of
the Warrant Agreement. Borrower represents and warrants that such amended
Warrant Agreement will be a true and complete copy of the form of amended
Warrant Agreement utilized for all outstanding Warrants ("WARRANTS") issued by
Borrower and that there will have been no other modifications or amendments
thereto. Borrower represents and warrants that Borrower has not entered into any
agreements with the holders of any such Warrants modifying or amending the terms
thereof, including without limitation, any agreement requiring Borrower to
purchase or repurchase any Warrants or stock issued pursuant to such Warrants.

     8. AMENDMENT FEE. Borrower shall pay to Bank an amount equal to Fifty
Thousand Dollars ($50,000.00) (the "AMENDMENT FEE"), which Amendment Fee is
fully earned and shall be due and payable upon the execution of this Agreement.

     9. REPRESENTATION WARRANTIES. Borrowers and Guarantors hereby represent and
warrant, which representations and warranties shall survive until all
Obligations are paid and satisfied in full, as follows:

          (a) All representations and warranties of Borrower and Guarantors set
     forth in the Loan Documents are true and complete as of the date hereof.

          (b) No condition or event exists or has occurred which would
     constitute an event of default under the Loan Documents or under any other
     agreement between Borrower, any Guarantor and any other third party (or
     would, upon the giving of notice or the passage of time, or both constitute
     an event of default).

          (c) Borrower has not received any notice of default or event of
     default from any other lender, trustee or lessor with respect to any other
     loan, financing or lease agreement.

          (d) The execution and delivery of this Agreement by Borrower and
     Guarantors and all documents and agreements to be executed and delivered
     pursuant to the terms hereof:

               (i) have been duly authorized by all requisite corporate action

                                                                               6
<PAGE>

          by Borrower and by each Guarantor;

               (ii) will not conflict with or result in the breach of or
          constitute a default (upon the passage of time, delivery of notice or
          both) under Borrower's or any Guarantor's Articles of Incorporation,
          By-Laws or any applicable statute, law, rule, regulation or ordinance
          or any indenture, mortgage, loan or other document or agreement to
          which Borrower or any Guarantor is a party or by which any of them is
          bound or affected; and

               (iii) will not result in the creation or imposition of any lien,
          charge or encumbrance of any nature whatsoever upon any of the
          property or assets of Borrower or any Guarantor, except liens in favor
          of the Agent or as permitted hereunder or under the Loan Documents.*

     10. CERTAIN FEES, COSTS, EXPENSES AND EXPENDITURES. Borrower will pay all
of the Agent's expenses in connection with the review, preparation, negotiation,
documentation and closing of this Agreement and the consummation of the
transactions contemplated hereunder, including without limitation, costs and
fees and expenses of counsel retained by Agent and all fees related to filings,
recording of documents and searches, whether or not the transactions
contemplated hereunder are consummated. Nothing contained herein shall limit in
any manner whatsoever any Lender's or Agent's right to reimbursement under any
of the Loan Documents.

     11. COMMUNICATIONS AND NOTICES. All notices, requests and other
communications made or given in connection with this Agreement shall be made in
accordance with the provisions of the Loan Agreement.

     12. TIME OF ESSENCE. Time is of the essence of this Agreement.

     13. INCONSISTENCIES. To the extent of any inconsistencies between the terms
and conditions of this Agreement and the terms and conditions of the Loan
Documents, the terms and conditions of this Agreement shall prevail. All terms
and conditions of the Loan Documents not inconsistent herewith shall remain in
full force and effect and are hereby ratified and confirmed by Borrower and
Guarantors.

     14. BINDING EFFECT. This Agreement and all rights and powers granted hereby
will bind and inure to the benefit of the parties hereto and their respective
permitted successors and assigns.

     15. SEVERABILITY. The provisions of this Agreement and all other Loan
Documents are deemed to be severable, and the invalidity or unenforceability of
any provision shall not affect or impair the remaining provisions which shall
continue in full force and effect.

     16. NO THIRD PARTY BENEFICIARIES. The rights and benefits of this Agreement
and the Loan Documents shall not inure to the benefit of any third party.

                                                                               7
<PAGE>

     17. MODIFICATIONS. No modifications of this Agreement or any of the Loan
Documents shall be binding or enforceable unless in writing and signed by or on
behalf of the party against whom enforcement is sought.

     18. HOLIDAYS. If the day provided herein for the payment of any amount or
the taking of any action falls on a Saturday, Sunday or public holiday at the
place for payment or action, then the due date for such payment or action will
be the next succeeding Business Day.

     19. LAW GOVERNING. This Agreement has been made, executed and delivered in
the Commonwealth of Pennsylvania and will be construed in accordance with and
governed by the laws of such Commonwealth, without regard to any rules or
principles regarding conflicts of law or any rule or canon of construction which
interprets agreements against the draftsman.

     20. HEADINGS. The headings of the Articles, Sections, paragraphs and
clauses of this Agreement are inserted for convenience only and shall not be
deemed to constitute a part of this Agreement.

     21. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, all of which taken together constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

     E. ENTIRE AGREEMENT. This Agreement constitutes the entire agreement among
the parties hereto concerning the subject matter set forth herein and supersedes
all prior or contemporaneous oral and/or written agreements and representations
not contained herein concerning the subject matter of this Agreement.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first above written.

                                  BORROWER:

                                  TODAY'S MAN, INC., a Pennsylvania corporation

                                  By: ____________________________________

[CORPORATE SEAL]                      Frank E. Johnson, Executive Vice President

                                                                               8
<PAGE>

                                  GUARANTORS:

                                  BENMOL, INC., a Delaware corporation

[CORPORATE SEAL]

                                  By: ____________________________________
                                      Frank E. Johnson, President

                                  D&L, INC., a Delaware corporation

                                  By: ____________________________________
                                      Frank E. Johnson, President
[CORPORATE SEAL]

                                  FELD & FELD, INC., a Delaware corporation

                                  By: ____________________________________
                                      Frank E. Johnson, President
[CORPORATE SEAL]

                       (SIGNATURES CONTINUED ON NEXT PAGE)

                                                                               9
<PAGE>

                    (SIGNATURES CONTINUED FROM PREVIOUS PAGE)

                                   LENDERS:

                                   MELLON BANK, N.A.

                                   By: ____________________________________
                                       Daniel K. Clancy, Vice President

                                   AGENT:

                                   MELLON BANK, N.A.

                                   By: ____________________________________
                                       Daniel K. Clancy, Vice President

                                                                              10

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