FACTORY 2-U STORES, INC. Secures $50 Million Revolving Credit Facility.Business Editors SAN DIEGO--(BUSINESS WIRE)--March 21, 2000 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 a new 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 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 entered into a new three year $50 million revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. with CIT Business Credit. The $50 million revolving credit facility is secured by inventory, receivables, and related proceeds. The facility replaces the Company's existing $50 million revolving credit facility with another institution under more favorable terms and conditions. This revolving credit facility will provide working capital to support the Company's 60 to 65 new store development plans and ongoing operations. FACTORY 2-U STORES, INC. operates 191 "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 other discount stores. The Company operates 51 stores in Southern California, 54 stores in Northern California, 16 stores in Washington, 10 stores in Oregon, 7 stores in Nevada, 30 stores in Arizona, 11 stores in New Mexico and 12 stores in Texas. Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risk 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. |
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