Norm Daniels, President and CEO of G.I. Joe’s Sports and Auto Stores, announced the completion of a five-year extension of an existing agreement with Wells Fargo Retail Finance, Boston, MA, that will provide up to $42.5 million in revolving credit. The company uses the credit line for working capital, and other general corporate needs.
Daniels said the company has been working with Wells Fargo Retail for the past six years and was extremely pleased to continue the banking arrangement. Daniels added, “The new agreement continues the great flexibility Wells Fargo has given us by keeping our cost of capital low and providing for our long-term growth strategy.”
Wells Fargo Retail Finance, a unit of Wells Fargo & Co. (WFC), is a leading asset-based lender exclusively for the retail industry. Wells Fargo Retail Finance provides working capital as well as acquisition financing.
Speaking for Wells Fargo, Bill Mayer, President of Wells Fargo Retail Finance, said, “G.I. Joe’s is a superior retailer, and we are thrilled to continue our relationship by providing a long-term flexible banking agreement.”
