"Closing our new factoring agreement marks an important step for Tarrant," said Barry Aved, president and CEO of Tarrant Apparel Group.
"Our new facility provides cost-efficient working capital that is both appropriate and sufficient to fund our current business model. We would like to thank GMAC Commercial Finance for their continued support of our business."
Tarrant Apparel Group serves specialty retailers, mass merchants, national department stores, and branded wholesalers. They do this by designing, merchandising and contracting for the manufacture of and selling casual and well-priced apparel for women, men, and children.
This three-year facility replaced the Company's existing US$90m revolving credit facility.
Availability under the new facility is subject to minimum tangible net worth and maximum capital expenditure covenants.
Source: PRNewswire
