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Wells Fargo Capital Finance Provides $75MM Credit Facility to Trans World

January 20, 2017, 07:56 AM
Filed Under: Retail

Trans World Entertainment Corporation announced that on January 17, 2017 the Company entered into an amended five-year revolving secured credit agreement with Wells Fargo Capital Finance, a division of Wells Fargo & Company of up to $75 million. The new credit facility amends the Company’s previous facility and will provide capital for general corporate purposes.  The amended facility allows for availability of $50 million with a seasonal adjustment up to $75 million at the Company’s option.

Mike Feurer, Chief Executive Officer, commented, “We are pleased to continue our relationship with Wells Fargo.  Our amended credit facility affords us the ability to match our borrowing capacity with our availability during the year and provides flexibility during the holiday season while at the same time lowering our borrowing costs.  It underscores the financial strength of Trans World Entertainment and helps ensure our ability to fund growth and strategic initiatives over the next five years.”

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