GA Capital Provides $15 Million Secured Term Loan for Hancock Fabrics

Thu Dec 6, 2012 9:00am EST

* Reuters is not responsible for the content in this press release.

GA Capital Provides $15 Million Secured Term Loan for Hancock Fabrics

GA Capital, a division of Great American Group, Inc. (OTCBB: GAMR) that provides senior and junior secured loan facilities to help middle market businesses meet their financing needs, has closed on a $15 million term loan facility for Hancock Fabrics.

GA Capital will act as the administrative agent for the term loan.

“We’ve been impressed with the financial expertise shown by our new partner, GA Capital, throughout this process,” said Hancock Fabrics Executive Vice President and Chief Financial Officer Robert Driskell. “With their assistance, along with other recent financing efforts, we’ve been able to enhance our cash and liquidity position and now have more flexibility to execute our operational improvement plans.”

The loan for Hancock Fabrics was completed under the leadership of Stuart Armstrong, who was named president of GA Capital in May. Previously, Armstrong was one of the founders and served as Executive Vice President of Tygris Commercial Finance and as President of Tygris Corporate Finance.

“As an integral component of a larger refinancing effort by Hancock Fabrics, we are excited to provide the company additional working capital so it may continue to execute a successful business strategy,” Armstrong said.

GA Capital Managing Director Robert Louzan and Assistant Vice President Krista Mello were part of the team that put the financing facility in place.

Hancock Fabrics, Inc. (OTC: HKFI), headquartered in Baldwyn, Miss., is a specialty retailer of clothing/home fabrics and sewing accessories that operates 262 retail stores in 37 states along with an internet store at www.hancockfabrics.com.

GA Capital, a division of Great American Group, provides senior and junior secured corporate loans that range from $15 million to $250 million assisting companies in refinancing existing debt, fueling new growth strategies and enhancing their liquidity profiles. For more information, contact (203) 663-5103 or visit http://www.greatamerican.com/services/ga_capital/ga_capital.html.

About Great American Group, Inc. (OTCBB: GAMR)

Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, New York, San Francisco and London. For more information, call (818) 884-3737 or visit www.greatamerican.com.

Great American Group
Michelle Kahan
Director of Marketing
818-884-3737
mkahan@greatamerican.com
or
Mulberry Marketing Communications
Ron Whittington
Senior Account Executive
904-355-8680
rwhittington@mulberrymc.com

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.