BankBoston Retail Finance Inc. Provides $120 Million Credit Facility to Filene's Basement Inc.BOSTON--(BUSINESS WIRE)--March 1, 1999--BankBoston Retail Finance Inc. today announced that it has provided a $120 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility to Filene's Basement Filene's Basement, also called The Basement, is a Massachusetts-based chain of department stores owned by Retail Ventures, Inc. The oldest off-price retailer in the United States, The Basement Inc. Headquartered in Wellesley, MA, Filene's Basement is a discount retailer of clothing, home goods and accessories purchased directly from upscale retailers and high quality private label manufacturers. Funds will be used to support Filene's Basement's working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and continued growth through new store openings. "We are pleased to assist a genuine New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. institution like Filene's Basement," said Ward K. Mooney, president of BankBoston Retail Finance. "They have consistently proven themselves in a retail industry that can be unpredictable and volatile. We are confident that this new financing will enable them to accomplish their objectives and we look forward to a long and successful relationship." "BankBoston Retail Finance demonstrated extraordinary responsiveness in understanding our business and structuring this facility," said Samuel J. Gerson, chairman and chief executive officer of Filene's Basement Inc. "This financing will allow us the flexibility to execute our strategic initiatives and continue to position the company for profitable growth. We are fortunate to have a resource like BankBoston Retail Finance right in our backyard Our Backyard was a series for pre-school children which aired at lunchtime on ITV from August 1984 until January 1987.It was produced by Granada Television. The format was simple. ." Filene's Basement Inc. is a wholly-owned subsidiary of Filene's Basement and operates a chain of 51 retail stores located primarily in the Northeast and Midwest. BankBoston Retail Finance Inc. is one of the leading asset-based lenders in the country devoted exclusively to the retail industry. The company's staff, many of whom are former retailers, bring a wide range of expertise to each relationship. BankBoston Retail Finance provides inventory-based working capital loans, long-term capital for expansion, turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. financing, capital markets advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal , global trade finance and cash management services. The company has agented more than $3 billion in financing to retailers across the U.S., Canada and the UK. BankBoston Retail Finance is a subsidiary of BankBoston, N.A., the nation's 15th largest bank holding company with assets of $73.8 billion. |
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