Home / Knowledge / News / Apparel/Garments / Goody's announces $65 mn investor funding
Goody's announces $65 mn investor funding
17
Jan '08
Goody's Family Clothing Inc announced that it received a $65 million capital infusion from its existing sponsor, an entity affiliated with Prentice Capital Management LP. In connection with this new investment, the Company also renegotiated its $235 million asset based revolver with The CIT Group/ Business Credit Inc and GMAC Commercial Finance LLC (each a Co-Lead Arranger), GB Merchant Partners, LLC and a consortium of other banks, the enhanced terms of which provide the Company with additional liquidity.

The capital infusion from the sponsor consists of collateralized debt which is junior to the bank debt, and senior to other debts of the Company. These new lending arrangements provide the Company with adequate capital to execute its business strategies for the foreseeable future.

According to Chuck Turlinski, Goody's Chief Executive Officer, “2007 proved to be a challenging year, yet one that presented many new opportunities. The development of several new business initiatives during 2007 should provide substantial financial rewards in 2008.”

Notable new business initiatives for 2007 included a successful launch of the new Ashley Judd clothing line in selected stores and the introduction of a new assortment of accessories, both well received by the Company's customer base. Goody's has also made substantial investments in system improvements.

The installation and rollout of Profit Logic has increased markdown disciplines and has aidedGoody's in achieving the lowest seasonal inventory carryover in the Company's history.

The Stores Division established a test market to evaluate best practices within various business groups. These locations continue to outperform non-test stores. The proven best practices will be rolled out to the chain in 2008.

“We are excited about our plans for the future. The ongoing enhancements of these programs, as well as our strong partnerships with our investors, vendor partners and bankers, are key elements in achieving our 2008 financial goals,” added Turlinski.

Goody's Family Clothing Inc


Must ReadView All

Indian govt relaxes cabotage rule for cotton transport

Textiles | On 25th May 2018

Indian govt relaxes cabotage rule for cotton transport

The Government of India has relaxed cabotage rules for transportation ...

Courtesy: Westside

Apparel/Garments | On 25th May 2018

Tata Group to open 30 new Westside stores this fiscal

Trent Ltd, a part of Tata group company, has decided to expand its...

Courtesy: L Catterton Asia

Apparel/Garments | On 25th May 2018

L Catterton obtains 10% stake in Future Lifestyle Fashions

L Catterton Asia, the Asian unit of the global consumer-focused...

Interviews View All

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

C Kamatchisundaram
Voltas

ITME is an occasion not only to receive new leads but also to work on...

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search