Home / Knowledge / News / Apparel/Garments / G-III Apparel increases secured revolving credit line

G-III Apparel increases secured revolving credit line

04
Apr '08
G-III Apparel Group Ltd announced it has increased its secured revolving credit line to a maximum borrowing level of $250 million compared to a maximum of $195 million under the prior loan agreement.

Amounts available under the credit line are subject to borrowing base formulas and over advances as specified in the loan agreement. The lending group for the three-year revolving credit line, which now extends to July 2011, was led by CIT Commercial Services, a unit of CIT Group Inc.

Morris Goldfarb, G-III's Chairman and Chief Executive Officer, said, “This larger line is more appropriate for our business given our continued strong organic growth and our recent acquisition of the Andrew Marc business.

CIT continues to demonstrate a thorough understanding of our business and our strategic objectives. We look forward to a very successful ongoing relationship with CIT and the rest of our bank group and thank them for their support.”

John F. Daly, President of CIT Commercial Services, commented, “As an organization, we are dedicated to supporting the apparel industry. We have been delighted to continue our relationship with G-III, which is proving to be one of the most dynamic companies in the industry, and with Morris Goldfarb and his team, who have executed their business objectives consistently well. We are pleased to provide our ongoing support to G-III as they continue to grow.”

G-III Apparel Group Ltd


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 4th Aug 2020

EVFTA fabric origin rule a challenge for Vietnamese firms

Despite the European Union (EU)-Vietnam Free Trade Agreement (EVFTA), ...

Pic: Tailored Brands

Retail | On 4th Aug 2020

Tailored Brands files voluntary bankruptcy petitions

US retail holding firm Tailored Brands and certain of its...

Pic: Chico's FAS

Apparel/Garments | On 4th Aug 2020

Chico's FAS Canada files for bankruptcy, to close stores

Chico's FAS Canada, a subsidiary of US women's clothing and...

Interviews View All

Top executives, Textile Industry

Top executives
Textile Industry

We will move away from mass production to production in micro-factories

Smith Vaghasia, Sanado India

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Poojaa Kumar Deepak, Zeven

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

John Kelley,

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Carmen Silla,

Carmen Silla

Leading the transformation of the textiles industry with disruptive...

Xavier Martinez,

Xavier Martinez

CADT Software & Drafting was founded in Spain in 1987 by Josep...

Melissa Tate, University of New South Wales

Melissa Tate
University of New South Wales

<div><div><div><div><b>Melissa Tate</b>, a well-known scientist currently...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Rajesh Pratap Singh, Rajesh Pratap Singh

Rajesh Pratap Singh
Rajesh Pratap Singh

<div>Ace fashion designer <b>Rajesh Pratap Singh</b> has used Tencel to...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Seema Agrawal, Artisan Saga

Seema Agrawal
Artisan Saga

Artisan Saga, founded by Kaushik Rajani and Seema Agrawal, is an online...

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


July 2020

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


Advanced Search