Case Summary: ShopNBC


$25 million First Lien Term Loan


ValueVision Media is a publically traded, multi-media retailer that sells products to consumers via digital platforms such as TV, internet and mobile.

The primary distribution channel is a TV shopping network called ShopNBC.


After a series of annual losses, the board hired a new management team to implement an operational and strategic turnaround of the company.

Due to the nature of the business, the assets were considered “non-traditional” by many asset-based lenders.


Crystal’s $25 million 1st lien term loan was secured by inventory, consumer installment receivables and real estate.

The new loan resulted in enhanced trade support and provided incremental liquidity for management to pursue their strategic plan.

“Thanks for the best wishes and particular thanks to you and the Crystal team for your support over the past 18 months. You smartly saw the opportunity and invested in us when others were skeptical. More importantly you were a supportive partner helping us to grow our business at every stage of our relationship. Our Crystal experience was 5 star! You’re a terrific group of professionals and really good guys.”
Bill McGrath, Interim CFO of ValueVision Media