TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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January 29, 2024
Source: Chain Store Age
Kirkland’s has secured additional debt financing to support its strategic repositioning efforts.
The specialty retailer of home décor and furnishings said it has entered into a supplemental credit facility on Jan. 25, 2024, which will increase its available credit by up to $12 million. Kirkland's Home secured the financing through a new first-in last-out, asset-based, delayed-draw term loan facility.
The new facility is in addition to the company's existing $90 million asset-based revolving credit facility. Proceeds from the new facility, when drawn, will be used to provide additional liquidity for ongoing working capital needs. As of closing, the company's combined credit availability under both credit agreements was approximately $21.5 million.
"As we move into 2024, we are pleased to have access to additional capital to further bolster our liquidity position,” said CFO Mike Madden. “The additional capital provides us with sufficient room to continue executing our strategic repositioning, while giving us the ability to accelerate components of our strategy aimed at returning the company to historical levels of performance."
Earlier this month, the retailer promoted Amy Sullivan to CEO, effective Feb. 5. She is the company’s first female chief executive.
“Since transitioning to an executive leadership role, Amy has been integral to the execution of our repositioning strategy and we believe, as CEO, she is poised to return Kirkland’s Home to profitable growth over the long-term,” said R. Wilson Orr, chairman of Kirkland’s Home.
Kirkland's operates 338 stores in 35 states as well as an e-commerce website under the Kirkland's Home brand.
