GE provides $100 mn for reorganization of Hancock Fabrics
05 Aug '08
1 min read
GE Commercial Finance Corporate Lending announced it provided a $100 million plan of reorganization credit facility to Hancock Fabrics Inc, a fabrics and accessories retailer. The financing will be used to complete the company's reorganization as it emerges from Chapter 11.
Founded in 1957 in Baldwyn, Miss., Hancock Fabrics is a specialty retailer of fashion and home decorating textiles. From stores in 37 states and online, their merchandise includes fabrics, sewing accessories, sewing machines and needlecraft supplies.
“GE's retail and restructuring expertise was critical in securing financing because they truly understood our business and the challenges we were working to overcome,” said Jane Aggers, president and CEO of Hancock Fabrics. “We also valued their ability to make a significant financial commitment in an uncertain market environment.”
“Combining industry and restructuring expertise accelerates our understanding of customer needs as well as their access to financing,” said Tom Quindlen, president and CEO of GE Corporate Lending. “We're committed to delivering smarter capital to borrowers to support both their short and long-term business objectives.”
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