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Wells Fargo Capital Finance Completes Financing for Brooks Brothers

July 10, 2019, 08:39 AM
Filed Under: Retail

Wells Fargo Capital Finance, part of Wells Fargo Commercial Capital, announced the completion of financing for Brooks Brothers, the storied U.S. apparel brand and one of its oldest clothing retailers. The financing will support ongoing global expansion and working capital.

"As one of America’s iconic brands, we are proud to uphold our same traditions and values for over two centuries," said Steven Goldaper, Senior Vice President and Chief Financial Officer for Brooks Brothers. "We believe these are the reasons our customers continue to view us as more than a retail store.”

“Working with a lender that has a strong American history like Wells Fargo that understands the changing retail industry was imperative to this transaction,” he said. “The Wells Fargo team was able to tailor a creative, cost-effective financing solution to fit our needs that will also provide flexibility to support our retail footprint, distribution network and global expansion.”

Brooks Brothers was founded in New York City in 1818, and over 200 years later is a global brand that has shaped American style for men, women and children.

“Many of us have great memories of Brooks Brothers being a staple in so many households,” said Adam Davis, Managing Director, Wells Fargo Capital Finance. “I remember how proud I was to acquire my first navy blue Brooks Brothers suit in the Walnut Street store in Philadelphia.”

“It is very rewarding to work with such an iconic brand and a strong management team. Asset-based lending is proving to be a great financial fit for companies like Brooks Brothers as consumer buying habits continually shift,” he said. “We look forward to working with them in creating a flexible financing solution that can evolve with their business strategy as they take advantage of new growth opportunities.”

Wells Fargo Capital Finance creates financing solutions for mid-sized to large retailers, helping them to meet capital needs, address seasonal cash flow peaks and valleys, and support growth.

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