BankBoston Retail Finance Inc. Provides $15 Million Facility for Cosmetics Plus.BOSTON--(BUSINESS WIRE)--Sept. 4, 1998--BankBoston Retail Finance Inc. announced today that it has provided a $15 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. to the Cosmetics Plus Group Ltd. Cosmetics Plus is a specialty retailer of a broad range of branded fragrances, cosmetics and professional hair care health and beauty products. The company is headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and operates 24 locations in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , California and Massachusetts. The funds will be used to support the company's growth and expansion strategy. "We are delighted to be able to assist Cosmetics Plus in helping them execute their business plan," said Edward J. Siskin, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of BankBoston Retail Finance. "We are enthusiastic about the strength of their management team and look forward to a long and successful relationship." "BankBoston Retail Finance demonstrated a high level of responsiveness and superior knowledge of our business goals," commented Robin Bartosh, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cosmetics Plus. "We are looking forward to working with professionals with expertise in retail to help us grow our brand." BankBoston Retail Finance Inc. is one of the leading asset-based lenders in the country exclusively devoted 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 $2 billion in financing to retailers across the U.S. and Canada. BankBoston Retail Finance is a subsidiary of BankBoston, N.A., the nation's 16th largest bank holding company with assets of $70.5 billion as of March 31, 1998.
CONTACT: BankBoston Retail Finance Inc.
Jenny Engle, 617/434-4059
OR
Cosmetics Plus
Ronald Scharman, 212/319-2120 x233
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion