Rocky Brands extends credit facility
Rocky Brands (Nasdaq: RCKY) said it has reached an agreement with the lender of its $100 million credit facility that reduces the amount and extends the term by more than two years.
The company's amended credit facility with GMAC Commercial Finance reduces its commitment to $85 million and sets its maturity date at April 30, 2012. Before the amendment, the maturity date was Jan. 5, 2010.
"We proactively reduced the amount of the facility in order to save expenses associated with charges on the undrawn portion of the credit facility as we do not expect to have a need for more than $85 million at any point through April 2012. We move forward well positioned to fund our working capital requirements and support the growth of our business," said CEO Mike Brooks in a statement.
At the end of 2008, the company had $44.8 million outstanding under its credit facility.
Crocs receives extension for credit facility
Crocs (Nasdaq: CROX) said it received a six-month extension for its existing credit facility with the Union Bank of California. The maturity date is now Sept. 30, instead of April 2.
Crocs sales have dropped to such a degree that in its annual report its auditor expressed concern about the company's ability to continue to be solvent. It said it was continuing negotiations with other financial institutions to arrange longer-term financing.
The company has $51.6 million in cash and cash equivalents and $22.4 million in borrowings under its revolving credit facility. In 2008, the company posted a loss of $183.6 million, or $2.22 per share, as revenue slipped 15 percent to $721.6 million.
Hibbett Sports to open 70 new stores in FY '10
In a filing with the Securities and Exchange Commission, Hibbett Sports (Nasdaq: HIBB) said it plans to open as many as 70 new stores in fiscal year 2010. The expansion plans represent a decline over the company’s opening rates in recent years.
Hibbett said it would close between 20 and 25 stores and expand 20 stores it feels have significant additional sales potential. In fiscal year 2009, Hibbett opened 69 stores while closing 12. It added that the current economic environment and the commercial real estate market make expansion more difficult.
Hibbett has 745 stores in 24 states between West Virginia and Arizona. All but 199 stores are located in strip malls.
--Compiled by Wendy Geister
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