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Citizens Bank Arranges $35MM Credit Facility for Luxury Brand Holdings, Inc.

August 03, 2017, 07:06 AM
Filed Under: Jewelry

Citizens Bank announced that Citizens Commercial Banking has provided a new $35 million credit facility to Cranston, R.I.-based Luxury Brand Holdings, Inc., a specialty retailer of fine jewelry which operates under the “Ross-Simons” and “Sidney Thomas” brands. Citizens is the sole lead arranger.

The new credit facility will be used by Luxury Brand Holdings as working capital and for general corporate growth purposes.
Ross-Simons was established in 1952 to provide exceptional quality jewelry and luxury items at the most affordable prices possible. Today, Ross-Simons is a multi-channel retailer. In addition to its e-commerce platform, Ross-Simons mails millions of catalogs a year across the globe and operates a flagship store in Warwick, R.I.

Sidney Thomas offers a premium shopping experience for luxury jewelry and fine Swiss watches by way of its retail store footprint. Sidney Thomas offers the world's most desired brands, exciting new designers, and one-of-a-kind estate pieces. 
“LBH has enjoyed a long relationship with the team at Citizens, and we are happy to have expanded our partnership with this new facility,” said Jim Speltz, president of Luxury Brand Holdings, Inc. “Citizens bankers are trusted strategic and financial advisers who consistently deliver clear and objective advice that has helped us enhance our business.”

“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Chris Carmosino, head of Business Capital at Citizens Bank. “Providing asset-based lending credit facilities is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle.”

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