Great American Group Announces Improved Fourth Quarter and Full Year 2012 Financial Results
WOODLAND HILLS, CA -- (Marketwire) -- 03/28/13 -- Great American Group, Inc.® (OTCBB: GAMR) ("Great American Group" or the "Company"), a leading provider of asset disposition, valuation and appraisal services, today announced financial results for its fourth quarter and full year ended December 31, 2012.
Fiscal 2012 total revenues of $83.9 million, a 32.1% increase from $63.5 million a year ago Fiscal 2012 net income of $3.5 million, versus net income of $0.6 million from a year ago Fiscal 2012 diluted earnings per share of $0.12, versus diluted earnings per share of $0.02 from a year ago "During fiscal 2012 we experienced significant year-over-year improvements in our financial results with a strong increase in revenues and profitability, as business activity across a number of our divisions improved from prior year levels," said Andrew Gumaer, Chief Executive Officer of Great American Group. Mr. Gumaer added, "GA Europe, GA Appraisals, and GA Keen Realty are three of our divisions that experienced significant increases in business activity in 2012 and helped to drive our overall financial performance. The positive contributions from all three divisions helped to diversify Great American's revenues and offset a decline in activity in our US Retail business. We are pleased with the growth that each of these three divisions have experienced over the last several years and hope to continue our investment in their future development."
Fourth Quarter Results
For the fourth quarter, the Company reported total revenues of $30.7 million, a significant increase from revenues of $11.4 million in the fourth quarter of 2011. Revenues from services and fees were $24.5 million, compared to $10.5 million in the same period the prior year. Revenues from sale of goods were $6.3 million, compared to $0.9 million in the fourth quarter of 2011. The increase in total revenues during the quarter was primarily due to increases in the UK Retail Stores segment, as well as the retail liquidation segment that participated in the liquidation of Comet, a 236 store electronics chain in the United Kingdom. The Company's results include the consolidation of Shoon, the UK shoe retailer in which the Company invested last May. Shoon contributed $10.2 million of revenue and net income of $0.5 million to our Company's consolidated results in 2012.
Direct cost of services was $7.8 million, compared to $3.8 million a year ago. The increase in direct cost of services was primarily the result of an increase in costs incurred as result of services performed in connection with the Comet liquidation engagement during the fourth quarter of 2012. Cost of goods sold was $4.3 million in the fourth quarter of 2012, compared to $1.1 million in the fourth quarter of the prior year.
Selling, general and administrative expenses increased to $13.7 million, compared to $6.1 million in the fourth quarter of 2011. The increase in selling, general and administrative expenses was primarily attributed to increases in payroll and operating expenses from the ongoing expansion of the Company's UK operations and the operating expenses of Shoon.
Operating income for the fourth quarter of 2012 was $4.9 million, compared to $0.3 million during the fourth quarter of 2011.
Interest expense during the fourth quarter of 2012 declined to $0.7 million from $1.0 million in the same period a year ago. The decline in interest expense was primarily the result of a decrease in US retail liquidation activity that required borrowings from our line of credit in 2011.
Pretax income was $4.1 million compared to pretax loss of $0.5 million in the fourth quarter of 2011. Net income was $2.4 million, or $0.08 per diluted share, compared to net loss of $0.7 million, or $0.02 per diluted share in the fourth quarter of 2011.
Twelve Months Ended December 31, 2012
For the twelve months of 2012, the Company reported improved total revenues of $83.9 million, compared to $63.5 million in the twelve months of 2011. Revenues from services and fees were $65.6 million, compared to $60.6 million a year ago. Sales of goods were $18.3 million compared to $2.9 million in the same period of 2011.
Total operating expenses were $76.5 million, compared to $56.1 million in 2011. Operating income was $7.4 million, flat compared to the prior year. Pretax income was $6.3 million, compared to $2.7 million during the twelve months of 2011. The Company recorded a provision for income taxes of $1.9 million compared to $2.1 million in the same period of 2011. Net income during the twelve months of 2012 was $3.5 million, or $0.12 per diluted share, compared with $0.6 million, or $0.02 in the same period of 2011.
Adjusted EBITDA for the twelve months of 2012 was $8.7 million compared to $8.5 million in 2011.
Financial Position
At December 31, 2012, the Company had $18.7 million in cash and cash equivalents and $7.9 million of restricted cash, an increase compared to $15.0 million of cash and cash equivalents at December 31, 2011.
Conference Call
The Company will host a conference call today at 4:30 p.m. ET, to discuss results for the fourth quarter ended December 31, 2012. To participate in the event by telephone, please dial (877) 407-0789, 10 minutes prior to the start time (to allow time for registration) and use conference ID # 408841. International callers should dial (201) 689-8562. A digital replay will be available beginning March 28, 2013, at 7:30 p.m. ET, through April 4, 2013, at 11:59 p.m. ET. To access the replay, dial (877) 870-5176 (U.S.), and use passcode 408841. International callers should dial (858) 384-5517 and enter the same passcode.
The call will also be broadcast over the Internet and can be accessed on the Investor Relations section of the Company's website at www.greatamerican.com. A replay of the call will also be available for 90 days on the website.
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, San Francisco and London. For more information, call (818) 884-3737 or visit www.greatamerican.com.
Forward-Looking Statements
This press release may contain forward-looking statements by Great American Group that are not based on historical fact, including, without limitation, statements containing the words "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions and statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in Great American Group's filings with the SEC, including, without limitation, the risks described in Great American Group's proxy statement/prospectus filed with the SEC on July 19, 2012, and its Annual Report on Form 10-K for the year ended December 31, 2011. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and Great American Group undertakes no duty to update this information.
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including Adjusted EBITDA, may be considered non-GAAP financial measures. Great American Group believes this information is useful to investors because it provides a basis for measuring Great American Group's performance against the contingent share earnout provisions in the AAMAC transaction. In addition, Great American Group's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating Great American Group's operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by Great American Group may not be comparable to similarly titled amounts reported by other companies.
GREAT AMERICAN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except par value)
December 31, December 31, 2012 2011 ------------- -------------
Assets Current assets: Cash and cash equivalents $ 18,721 $ 15,034 Restricted cash 7,923 - Accounts receivable, net 16,591 7,482 Advances against customer contracts 2,441 5,276 Inventory 2,216 - Goods held for sale or auction 10,196 12,934 Loan receivable - 8,306 Note receivable - related parties 611 3,844 Deferred income taxes 4,114 4,460 Prepaid expenses and other current assets 1,145 1,110 ------------- ------------- Total current assets 63,958 58,446 Property and equipment, net 970 916 Goodwill 5,688 5,688 Other intangible assets, net 140 140 Deferred income taxes 9,484 10,504 Other assets 343 664 ------------- ------------- Total assets $ 80,583 $ 76,358 ============= =============
Liabilities and Equity (Deficit) Current liabilities: Accounts payable and accrued liabilities $ 16,886 $ 13,718 Auction and liquidation proceeds payable 864 18 Mandatorily redeemable noncontrolling interests 2,856 3,408 Revolving credit facility 2,304 1,942 Current portion of long-term debt 1,724 1,724 Notes payable 9,628 11,555 Current portion of capital lease obligation 13 29 ------------- ------------- Total current liabilities 34,275 32,394 Capital lease obligation, net of current portion - 13 Long-term debt, net of current portion 50,483 52,207 ------------- ------------- Total liabilities 84,758 84,614 ------------- ------------- Commitments and contingencies Great American Group, Inc. stockholders' equity (deficit): Preferred stock, $0.0001 par value; 10,000,000 shares authorized; none issued - - Common stock, $0.0001 par value; 135,000,000 shares authorized; 30,002,975 and 31,001,609 issued and outstanding as of December 31, 2012 and 2011, respectively 4 4 Additional paid-in capital 3,082 3,177 Retained earnings (deficit) (7,669) (11,190) Accumulated other comprehensive income (loss) (520) (247) ------------- ------------- Total Great American Group, Inc. stockholders' equity (deficit) (5,103) (8,256) Noncontrolling interests 928 - ------------- ------------- Total equity (deficit) (4,175) (8,256) ------------- ------------- Total liabilities and equity (deficit) $ 80,583 $ 76,358 ============= =============
GREAT AMERICAN GROUP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except share data)
Three Months Ended December 31, Year Ended December 31, ------------------------ ------------------------ 2012 2011 2012 2011 ----------- ----------- ----------- ----------- Revenues: Services and fees $ 24,470 $ 10,480 $ 65,624 $ 60,627 Sale of goods 6,260 887 18,312 2,899 ----------- ----------- ----------- ----------- Total revenues 30,730 11,367 83,936 63,526 ----------- ----------- ----------- ----------- Operating expenses: Direct cost of services 7,814 3,845 23,911 19,749 Cost of goods sold 4,301 1,104 12,750 3,391 Selling, general and administrative 13,679 6,098 39,834 32,946 ----------- ----------- ----------- ----------- Total operating expenses 25,794 11,047 76,495 56,086 ----------- ----------- ----------- ----------- Operating income (loss) 4,936 320 7,441 7,440 Other income (expense): Other income (expense) - 13 - - Interest income 15 67 201 476 Loss from equity investment in Great American Real Estate, LLC (165) 153 (120) (369) Gain from bargain purchase - - 1,366 - Interest expense (661) (1,011) (2,612) (4,885) ----------- ----------- ----------- ----------- Income (loss) before benefit (provision) for income taxes 4,125 (458) 6,276 2,662 Benefit (provision) for income taxes (1,549) (196) (1,936) (2,060) ----------- ----------- ----------- ----------- Net income (loss) 2,576 (654) 4,340 602 Net income attributable to noncontrolling interests 194 - 819 - ----------- ----------- ----------- ----------- Net income (loss) attributable to Great American Group, Inc. $ 2,382 $ (654) $ 3,521 $ 602 =========== =========== =========== ===========
Weighted average basic shares outstanding 28,682,975 28,681,609 28,682,975 28,539,651 Weighted average diluted shares outstanding 29,614,252 28,681,609 29,614,252 29,408,466
GREAT AMERICAN GROUP, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (Dollars in thousands)
Year ended December 31, ------------------------ 2012 2011 ----------- ----------- Cash flows from operating activities: Net income (loss) $ 4,340 $ 602 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 835 981 Provision for doubtful accounts 108 424 Impairment of goods held for sale or auction 194 159 Share-based payments - 431 Effect of foreign currency on operations (98) (14) Noncash interest expense - 1,083 Amortization of discount on note payable - 609 Loss on equity investment in Great American Real Estate, LLC 120 369 Gain from bargain purchase (1,366) - Loss on disposal of assets 3 4 Deferred income taxes 1,366 1,871 Change in fair value of mandatorily redeemable noncontrolling interests - (83) Income allocated to mandatorily redeemable noncontrolling interests 1,928 3,934 Change in operating assets and liabilities: Accounts receivable and advances against customer contracts (6,172) (7,032) Inventory 1,618 - Goods held for sale or auction 2,361 224 Loan receivable 8,519 (8,306) Prepaid expenses and other assets (33) 1,093 Accounts payable and accrued expenses 1,641 3,300 Auction and liquidation proceeds payable 846 (1,694) ----------- ----------- Net cash (used in) provided by operating activities 16,210 (2,045) ----------- ----------- Cash flows from investing activities: Acquisition of business (1,246) - Purchase of noncontrolling interest in subsidiary (95) - Purchases of property and equipment (634) (264) Proceeds from sale of property and equipment 21 - Decrease (increase) in notes receivable - related party 3,233 2,706 Equity investment in Great American Real Estate, LLC (120) (1,202) Decrease (increase) in restricted cash (7,923) - ----------- ----------- Net cash provided by (used in) investing activities (6,764) 1,240 ----------- ----------- Cash flows from financing activities: Proceeds from revolving line of credit 362 1,942 Proceeds from note payable - 7,000 Repayment of notes payable and capital lease obligations (2,138) (7,786) Repayments of long-term debt (1,724) (1,724) Payment of employment taxes on vesting of restricted stock - (132) Proceeds from formation of noncontrolling interests 78 - Distributions to noncontrolling interests (2,466) (3,301) ----------- ----------- Net cash (used in) provided by financing activities (5,888) (4,001) Effect of foreign currency on cash 129 (240) ----------- ----------- Net (decrease) increase in cash and cash equivalents 3,687 (5,046) Cash and cash equivalents, beginning of year 15,034 - ----------- ----------- Cash and cash equivalents, end of year $ 18,721 $ (5,046) =========== ===========
GREAT AMERICAN GROUP, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Dollars in thousands)
Three Months Ended December 31, ------------------------ 2012 2011 ----------- ----------- Adjusted EBITDA Reconciliation:
Net income (loss) as reported $ 2,382 $ (654)
Adjustments: Provision (benefit) for income taxes 1,549 196 Interest expense 661 1,011 Interest income (15) (67) Depreciation and amortization 224 356 Share based compensation - - ----------- -----------
Total EBITDA adjustments 2,419 1,496 ----------- -----------
Great American Group Phil Ahn SVP, Strategy & Corporate Development 818-884-3737
Addo Communications Patricia Nir 310-829-5400
=========================================================== Great American Group Subsidiary Provides Funding for UK Footwear Chain....
-GA Europe investment allows Shoon to take over 39 Jane Shilton outlets-
WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- GA Europe, a subsidiary of Great American Group, Inc. (OTCBB: GAMR), will further invest in the UK-based Shoon footwear chain in which it acquired an interest last year.
With funding provided by GA Europe, Shoon plans to take over 39 Jane Shilton outlets which operate in a range of department stores including Beales and Browns. Shoon will also acquire the associated Jane Shilton footwear stock upon completion, as well as the Jane Shilton footwear license. The arrangement is subject to the agreement of the individual host stores and will take effect beginning August 1st, once current notice periods have expired.
“We are very pleased to be making this investment in Jane Shilton’s footwear brand,” stated Stephen Sanders, Managing Director of Shoon. “It has a clear market position supported by Jane Shilton’s heritage in handbags and developed through its partnerships with independent department stores. With a similar customer profile to Shoon, we believe we have an excellent opportunity to develop both businesses. Also, with GA Europe’s support, we have been able to revive Shoon and this deal represents an exciting stage in our development.”
Shoon operates a chain of footwear stores, selling mainly women’s branded shoes in the market between high street multiple chains and upmarket boutiques and designer labels, appealing to customers who are fashion aware with a clear sense of their own style while looking for comfort and fit at a reasonable price. The Jane Shilton outlets will complement Shoon’s existing market position and provide opportunities for significant operational synergies and cost savings in sourcing.
“We are very excited to be making this additional investment in Shoon,” added Gavin George, Chief Executive of GA Europe. “This deal demonstrates our creative approach to backing and developing retail businesses where we can successfully apply our capital while leveraging our specialized restructuring skills and extensive retail networks.”
About Great American Group, Inc. (OTCBB: GAMR)
======================================================== GA Keen Realty Advisors Hired by Federal Receiver to Sell Former Headquarters of Peregrine Financial Group
– State-of-the-Art LEED Certified 48,250 Sq. Ft. Building in Cedar Falls, Iowa –
Bid Deadline: May 24, 2013
Auction: May 31, 2013
NEW YORK--(BUSINESS WIRE)-- GA Keen Realty Advisors, a division of Great American Group, Inc. (OTCBB: GAMR), is marketing a 48,250-square-foot office building in Cedar Falls, Iowa that has been built to Leadership in Energy and Environmental Design (LEED) Gold standards for its environmentally-friendly construction.
The property and facilities are being sold as part of a Federal Receiver’s sale, with GA Keen Realty Advisors working with the court appointed receiver, Chicago-based attorney Michael M. Eidelman, in marketing the building and property. The bid deadline is Friday, May 24, 2013, with an auction scheduled for Friday, May 31, 2013. Bid procedures are available and offers can be accepted by the Receiver prior to the auction.
“This is an extraordinary, world-class building that is an outstanding location for a corporate headquarters or a tremendous opportunity for an investor,” said GA Keen Realty Advisors Co-President Matthew Bordwin. “The building’s sustainable design and highly desirable amenities make it an attractive purchase for a variety of users. Additionally, it’s nestled in a beautiful suburban area that’s only a few minutes from the interstate.”
Built in 2008, the building design features minimize emissions, water use, waste, and indoor pollutants. Located on a 22-acre site at 1 Peregrine Way, it is designated as a Class A professional office building and includes 108 exterior parking stalls and 43 underground parking spaces. The exterior is all glass and features finishes of bamboo, cork, carpet and natural stone. Amenities also include a two-story atrium, kitchen and cafeteria, an exercise facility with locker rooms, a day-care center, and flexible office configurations with movable systems.
The building is the former headquarters of Peregrine Financial Group (PFG), owned by Russell Wasendorf, Sr., which filed for bankruptcy in July 2012.
GA Keen Realty Advisors was retained by Order of the United States District Court, Northern Division of Illinois on February 26, 2013. For more information about the office building, contact Matthew Bordwin at mbordwin@greatamerican.com, Chris Mahoney at cmahoney@greatamerican.com or Heather Milazzo at hmilazzo@greatamerican.com or call 646-381-9222. Additional information can be found at www.greatamerican.com/keen.
About GA Keen Realty Advisors, LLC
GA Keen Realty Advisors, located in New York, provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services. For more information about GA Keen Realty Advisors, call 646-381-9222 or visit http://www.greatamerican.com/keen.
Great American Group Handles Liquidation of Bakers Footwear Group
- Major Discounts Offered to Customers at Remaining Stores and Online -
WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- Great American Group, Inc. (OTCBB:GAMR) has been selected to handle the liquidation of Bakers Footwear Group, Inc., offering discounts for products in 56 of Bakers Footwear Groups’ remaining stores, as well as online at www.bakersshoes.com.
“We are offering significant discounts online and on all store items, so consumers will have the opportunity to purchase quality, name-brand women’s shoes at steep discounts,” said Scott Carpenter, President of Great American Group’s Retail Division.
With merchandise being sold for at least 40 percent off, Carpenter urges shoppers to head to their local stores or visit the website soon for the best selection.
Bakers locations in Alabama, California, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Michigan, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Texas, and Virginia are part of the sale event, which is also being conducted online at www.bakersshoes.com
On Jan. 15, 2013 a bankruptcy judge for the U.S. Bankruptcy Court in St. Louis signed a Chapter 7 order allowing Bakers Footwear Group to conduct going-out-of-business sales at its remaining stores.
Bakers Footwear Group is the third shoe retailer that has selected Great American Group to liquidate stores over the past 18 months. Great American Group assisted Payless ShoeSource and Sterling Shoes with store restructuring projects, consolidating store locations for both companies in 2011 and 2012.
Bakers Footwear Group, once a leading national mall-based retailer of shoes for young women, operated 236 Bakers and Wild Pair shoe stores in 37 states before filing for Chapter 11 bankruptcy last October due to declining sales. At that time, the company hired GA Keen Realty Advisors, LLC of New York, a division of Great American Group, to market leases for 150 Bakers and Wild Pair shoe store locations in 31 states.
Founded in 1929 under a different name, Bakers Footwear Group stores target women between 12 and 29 years old, selling merchandise including private label and national brand dress, casual and sport shoes, boots, sandals and accessories.
About Great American Group, Inc. (OTCBB:GAMR
==================================================== GA Keen Realty Advisors Marketing Long Island National Golf Club in Riverhead, Long Island, New York
Business Wire - Jan 24 09:30 EDT
Alert hits:/ga /ga Company Symbols: NASDAQ-OTCBB:GAMR
- Buyers sought for Robert Trent Jones, Jr. designed course and clubhouse property with residential development potential -
NEW YORK--(BUSINESS WIRE)-- GA Keen Realty Advisors, a division of Great American Group, Inc. (OTCBB:GAMR), is selling the Long Island National Golf Club in Riverhead, New York through a bankruptcy sale process.
Located at 1793 Northville Turnpike, in the heart of Long Island’s east end wine country and minutes from the world-famous ”Hamptons”, the public golf club is best known for its links-style design created by renowned golf course architect Robert Trent Jones, Jr. The 150 acre site is also suitable for residential development pursuant to its current zoning designation.
“While many golf courses have seen revenues decline over the past few years, Long Island National Golf Club has maintained its profitability,” said GA Keen Realty Advisors Co-President Matthew Bordwin. “The course’s success, masterpiece design and location among scenic farmlands and vineyards make it a highly desirable purchase for buyers and investors. Further, the beauty of the Long Island’s East End, specifically the North Fork’s wine region, makes this a terrific residential development opportunity as well.”
The 6,838-yard course was created to take advantage of rolling hills, dramatic elevation changes and a spectacular mix of traditional design elements. The sale includes the 18-hole links-style course developed on a 150-acre landscaped site, along with a pro shop, grill and clubhouse with a full-service restaurant.
The property and facilities are being marketed as part of a bankruptcy sale and offers are now being considered.
For more information about Long Island National Golf Club, contact Craig Fox, Stacy Ferrone or Matthew Bordwin at 646-381-9222 or at cfox@greatamerican.com, sferrone@greatamerican.com or mbordwin@greatamerican.com.
About GA Keen Realty Advisors, LLC
GA Keen Realty Advisors, located in New York, provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services. For more information about GA Keen Realty Advisors, call 646-381-9222 or visit http://www.greatamerican.com/keen.
About Great American Group, Inc. (OTCBB:GAMR)
========================================================== GA Capital Provides $15 Million Secured Term Loan for Hancock Fabrics
Business Wire - Dec 06 09:00 EDT
Alert hits:/ga /ga Company Symbols: NASDAQ-OTCBB:GAMR, OTC-PINK:HKFI
WOODLAND HILLS, Calif.--(BUSINESS WIRE)-- GA Capital, a division of Great American Group, Inc. (OTCBB: GAMR) that provides senior and junior secured loan facilities to help middle market businesses meet their financing needs, has closed on a $15 million term loan facility for Hancock Fabrics.
GA Capital will act as the administrative agent for the term loan.
“We’ve been impressed with the financial expertise shown by our new partner, GA Capital, throughout this process,” said Hancock Fabrics Executive Vice President and Chief Financial Officer Robert Driskell. “With their assistance, along with other recent financing efforts, we’ve been able to enhance our cash and liquidity position and now have more flexibility to execute our operational improvement plans.”
The loan for Hancock Fabrics was completed under the leadership of Stuart Armstrong, who was named president of GA Capital in May. Previously, Armstrong was one of the founders and served as Executive Vice President of Tygris Commercial Finance and as President of Tygris Corporate Finance.
“As an integral component of a larger refinancing effort by Hancock Fabrics, we are excited to provide the company additional working capital so it may continue to execute a successful business strategy,” Armstrong said.
GA Capital Managing Director Robert Louzan and Assistant Vice President Krista Mello were part of the team that put the financing facility in place.
Hancock Fabrics, Inc. (OTC: HKFI), headquartered in Baldwyn, Miss., is a specialty retailer of clothing/home fabrics and sewing accessories that operates 262 retail stores in 37 states along with an internet store at www.hancockfabrics.com.
GA Capital, a division of Great American Group, provides senior and junior secured corporate loans that range from $15 million to $250 million assisting companies in refinancing existing debt, fueling new growth strategies and enhancing their liquidity profiles. For more information, contact (203) 663-5103 or visit http://www.greatamerican.com/services/ga_capital/ga_capital.html.
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