FACTORY 2-U STORES, INC. Extends Term of $50 Million Revolving Credit Facility With CIT Business Credit.Business Editors SAN DIEGO--(BUSINESS WIRE)--Sept. 17, 2002 FACTORY 2-U Factory 2-U is a chain of department stores that are located mostly in the Western United States selling clothing, domestics, and merchandise, founded in 1962, originally private owned. They have 6000 employees with more than 10 stores. STORES, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (Nasdaq: FTUS FTUS Full-Time Unit Support ) today announced the completion of its Fourth Amendment to the Financing Agreement with CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Business Credit. The Company has extended its $50 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 with CIT Business Credit to March 3, 2006. This facility is secured by inventory, receivables, and related proceeds. The specific terms and conditions of this extension are set forth in our Form 10-Q Form 10-Q See 10-Q. filed on September 17, 2002 for the period ended August 3, 2002. FACTORY 2-U STORES, INC. operates 258 "Factory 2-U" off-price retail stores which sell branded casual apparel for the family, as well as selected domestics and household merchandise at prices which generally are significantly lower than the prices offered by its discount competitors. The Company operates 33 stores in Arizona, 3 stores in Arkansas, 64 stores in southern California, 62 stores in northern California, 1 store in Idaho, 5 stores in Louisiana, 3 stores in Missouri, 8 stores in Nevada, 9 stores in New Mexico, 2 stores in Oklahoma, 14 stores in Oregon, 2 stores in Tennessee, 36 stores in Texas, and 16 stores in Washington. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, and actual results could differ materially from the Company's present expectations. Among the important factors that could cause actual results to differ materially from those indicated in the forward-looking statements are: customer demand and trends in the off-price apparel industry, the effect of economic conditions, the impact of competitive openings and pricing, supply constraints or difficulties, and other risks detailed in the Company's Securities and Exchange Commission filings. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion