G.I. Joe's Sports and Auto Stores completed a three-year extension of its existing credit agreement, with Wells Fargo Retail Finance, Boston, MA, that will provide up to a $37.5 million revolving facility through 2008. The company plans to use the proceeds for working capital and other general corporate purposes as needed.
G.I. Joe's President and CEO Norm Daniels said the company had been working with Wells Fargo Retail Finance for the past 5 years and was pleased to continue the banking arrangement.
The company, based in Wilsonville, OR is closely held and operates 21 stores in Oregon and Washington. A new store will open in April in Lake Stevens, Washington, and a suburb of Everett.
Wells Fargo Retail Finance, a unit of Wells Fargo & Co. (WFC), is a leading asset-based lender exclusively devoted to the retail industry. Wells Fargo Retail Finance provides working capital revolvers as well as acquisition and turn around financing.
Speaking for Wells Fargo, Bill Mayer, President of Wells Fargo Retail Finance said: “G.I. Joe's is a successful specialty retailer and we are thrilled in continuing our relationship by providing a long term flexible banking facility.”
“The new agreement provides us greater financial flexibility and an attractive cost of capital which will support our merchandise needs and the Company's long-term plans for growth,” said G.I. Joe's President and Chief Executive Norm Daniels. “We've worked with Wells Fargo for the past five years are pleased to extend the financing agreement.”
Sales for the company in 2003 exceeded $180 million dollars. The company expects sales in excess of $200 million for the current fiscal year.
