Gottschalks Amends Credit Facility to Plan for Store Expansion
Fresno, Calif., Gottschalks Inc. said Monday it amended a credit facility with GE Commercial Finance Corporate Lending that expands it to $200 million.
The facility, which was also extended to September 2012, will be used to support the company’s growth and remodeling program.
“Our increased borrowing capacity now gives us additional resources to direct toward our plans for an accelerated new store opening program and the completion of an increased number of store remodels,” said executive VP and COO Greg Ambro.
The facility will also be used to help implement a previously announced buyback and cut higher-cost debt, he added.