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Apparel retailer Loehmann's lands credit deal with GE Capital
22
Dec '09
Loehmann's announced that GE Capital, Corporate Retail Finance, will supply a $35 million asset-based credit facility for the retail chain. GE Capital, Corporate Retail Finance will be the sole lender for the facility.
Loehmann's has transformed its business in the past 18 months by uniquely positioning itself at the high end of the off-price industry, as the IT Store for designer fashions featuring the most exclusive designers and brands at prices 30 to 65% less than department and upscale specialty stores.

“Our customers have bought in to the new approach at Loehmann's, voting with their dollars when they come into our stores. Whether we are featuring U.S. or European designers, our shoppers know they will not find such high quality goods in any other store at our amazingly low prices. This credit facility ensures we will be able to continue to offer the fashion-forward designer clothes and accessories that define Loehmann's as the premiere upscale off-price retailer,” said Jerry Politzer, Chief Executive Officer of Loehmann's.

Loehmann's, the IT store for designer fashions, plans to open a new store in California in early 2010, strengthening its position in the critically important Los Angeles market. Additionally, Loehmann's has successfully re-launched their fee based loyalty shopping program this past year, the Loehmann's Insider Club, which offers customers even greater value every time they shop for clothes and accessories.

“Finding the right lender is critical for retail outlets,” said Jim Hogan, managing director of GE Capital, Corporate Retail Finance. “In all of our relationships, we strive to provide retailers with smarter liquidity, with a thorough understanding of client needs and passion for finding the right solution.”

Loehmann's was advised by North Sea Partners.

Loehmann's Holdings

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