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Gordon Brothers Provides $100MM Exit Facility Commitment as Agent for Jo-Ann Stores

March 26, 2024, 09:06 AM
Filed Under: Retail

Gordon Brothers has provided a $100 million exit facility commitment as Agent for Jo-Ann Stores LLC to support the U.S. arts and crafts specialty retailer's restructuring and bolster the company’s liquidity.
Gordon Brothers provided a first-in, last-out credit facility last year to help optimize Jo-Ann Stores’ balance sheet and drive free cash flow across the enterprise.
“We’re proud to support the category leader in sewing and fabrics with one of the largest arts and crafts offerings during the restructuring process,” said Kyle Shonak, Senior Managing Director, Transaction Team & Head of North America Lending at Gordon Brothers. “In addition to our advisory and consulting services, our credit facility’s extension will help secure Jo-Ann Stores’ liquidity and support its growth.”
Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm’s tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.

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