Adjusted negative EBITDA increased to $4.8 million, from an adjusted negative EBITDA of $1.7 million in the third quarter of 2011.
Cash and cash equivalents decreased to $1.3 million at September 30, 2012, compared to $4.4 million at December 31, 2011.
Inventory decreased to $23.4 million at September 30, 2012, compared to $32.1 million at December 31, 2011.
On November 13, 2012, the Company secured a new $10 million senior-secured working capital credit facility with Salus Capital Partners LLC. The Salus facility replaces the Company’s $7.5 million credit facility with Wells Fargo Retail Finance, LLC.
“We believe that Salus is a great complement to the Company’s new strategy and we look forward to a mutually beneficial working relationship for many years to come. Salus is well-positioned to assist us in our future plans.” said Joseph Park, the Company’s Chief Executive Officer.
Bluefly Inc