Barbeques Galore Establishes New $15 Million Credit Facility for U.S. Operations.IRVINE, Calif. -- Barbeques Galore Barbeques Galore is an Australian chain of retail stores specializing in barbecue grills that also has a large presence in the United States. There are 84 stores in covering all of Australia, and 75+ stores in 10 American states. Limited (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BBQZ) today announced that, as part of a re-arrangement of its credit lines between the U.S. and Australia, its U.S. operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Barbeques Galore Inc. and Barbeques Galore.Online, have entered into a loan agreement with the Union Bank of California Union Bank of California is one of the 30 largest commercial banks in the United States. It has 327 branches, the majority of which are in San Diego, Los Angeles and Orange Counties. for a revolving loan not to exceed $15.0 million. The 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. line is secured by a security interest in certain assets of Barbeques Galore Inc. and Barbeques Galore.Online and is guaranteed by The Galore Group (USA), Inc., the parent of Barbeques Galore Inc. Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, backyard accents, fireside products and related accessories. The company now owns and operates 67 stores in the U.S. and 42 stores in Australia. In addition, it has 7 franchised stores in the U.S. and 48 licensed stores in Australia. Through its U.S. e-commerce Web site, www.bbqgalore.com, the company sells an extensive line of barbecue and fireside products and related accessories. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion