Bakers Footwear Group, Inc.
$30 million Revolving Credit Facility
Overview
Bakers Footwear Group, Inc. founded in 1924, is a mall-based specialty retailer of footwear and accessories targeting women between the ages of 16 and 35. They currently operate 226 stores in 34 states as well as their website www.bakersshoes.com.
Challenge
The Company sought to refinance their existing ABL facility to extend the maturity as well as obtain additional liquidity.
Solution
Crystal, with extensive experience providing asset based loans to retailers, provided a new $30 million revolving credit facility with a 4 year term. With our understanding of the Company’s operations and inventory management processes, we provided incremental availability with aggressive advance rates as well as structuring a reduced availability block.