Case Summary: Body Central
$17 million Senior Secured Credit Facility
Body Central Corp. (“Body Central” or the “Company”), founded in 1972 and headquartered in Jacksonville, FL, is a multi-channel, specialty retailer offering on-trend, quality apparel and accessories at value prices. Body Central operates 294 stores as well as a direct business comprised of the Body Central catalog and e-commerce website at www.bodyc.com.
After going public in 2010 and experiencing strong sales, the Company encountered some performance softness due to a merchandising strategy that strayed from their core customer. The new CEO and management team sought a new capital provider who could provide a larger and more flexible facility to allow the Company to implement merchandising, marketing and operational initiatives designed to drive growth.
Crystal provided a $17.0 million commitment consisting of a revolver and term loan. Proceeds were used to refinance existing debt and provide increased liquidity.
Body Central needed a larger and more flexible credit facility in order to move forward with our key initiatives designed to drive top line sales and enhance profitability. Crystal jumped right in with a laser focus understanding both our business and financing needs. The deal was funded in a very short timeframe and we are delighted to have such a supportive financing partner
—Tom Stoltz, Chief Operating Officer and Chief Financial Officer