Loehmann’s, the New York based off-price apparel retail chain, announced that it will receive a $35m asset-based credit facility from GE Capital, Corporate Retail Finance.
Commenting on the financing, Jerry Politzer, Chief Executive Officer of the company, said: "this credit facility ensures we will be able to continue to offer the fashion-forward designer clothes and accessories that define Loehmann’s as the premiere upscale off-price retailer".
Loehmann’s, which operates more than 60 stores in 16 states across the country, plans to open a new store in California in early 2010, strengthening its position in the important Los Angeles market.
FinSMEs
21/12/2009
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