Wilsons The Leather Experts Inc announced that it has amended its revolving credit facility, which provides for total borrowing of up to $135.0 million.
The facility, which is provided by GE - Corporate Lending and Wells Fargo Retail Finance LLC is effective until June 2010. The amended agreement removes capital expenditure limits and financial covenants and changes the formula for advances to provide more flexibility in borrowing.
Commenting on the amended agreement, Michael Searles, Chief Executive Officer said, "Our amended agreement provides flexibility for our anticipated working capital requirements. As a seasonal business, our relationship with our commercial banking group is very important to us. We are pleased with our amended agreement and the flexibility that it provides us."
Wilsons Leather is the leading specialty retailer of leather outerwear, accessories and apparel in the United States. As of November 25, 2006, Wilsons Leather operated 427 stores located in 45 states, including 297 mall stores, 116 outlet stores and 14 airport stores.
With $15 billion in assets, GE Commercial Finance - Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other complimentary solutions for mid-size and large companies.
Wilsons The Leather Experts Inc
marketing@alchempro.com
