Boston, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Gordon Brothers, the global asset experts, is supporting Kirkland’s Inc.’s strategic repositioning efforts with a $12 million first-in last-out delayed draw term loan.
When drawn, the U.S. home décor and furnishings retailer operating under the Kirkland’s Home brand will use the loan to provide additional liquidity for ongoing working capital needs.
“We’re proud to invest in an industry leader like Kirkland’s and provide additional liquidity to achieve growth initiatives after a period of challenging financial performance and macroeconomic pressures,” said Kyle C. Shonak, Senior Managing Director, Transaction Team & Head of North America Lending at Gordon Brothers. “We were able to combine our customized lending with additional enhancements for a more effective long-term solution.”
“Gordon Brothers’ capital, capabilities and breadth of services will further bolster our transformation efforts,” said Mike Madden, Chief Financial Officer of Kirkland’s Home. “Not only does the additional capital provide us with sufficient room to continue executing our strategic repositioning, but the financing was tailored to maximize value and give us flexibility going forward.”
Gordon Brothers provides both short- and long-term capital to clients undergoing transformation. The firm lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services.
Gordon Brothers partners with management teams, private equity sponsors, strategic buyers and asset-based lenders globally to provide its expertise and additional capital in special situations. The firm’s tailor-made solutions provide clients additional capital alongside traditional debt and equity, and its structures complement senior asset-based lending facilities and include credit and yield enhancements.
About Gordon Brothers
Since 1903, Gordon Brothers (www.gordonbrothers.com) has helped lenders, management teams, advisors and investors move forward through change. The firm brings a powerful combination of expertise and capital to clients, developing customized solutions on an integrated or standalone basis across four services areas: valuations, dispositions, financing and investment. Whether to fuel growth or facilitate strategic consolidation, Gordon Brothers partners with companies in the retail, commercial and industrial sectors to provide maximum liquidity, put assets to their highest and best use and mitigate liabilities. The firm conducts more than $100 billion worth of dispositions and appraisals annually and provides both short- and long-term capital to clients undergoing transformation. Gordon Brothers lends against and invests in brands, real estate, inventory, receivables, machinery, equipment and other assets, both together and individually, to provide clients liquidity solutions beyond its market-leading disposition and appraisal services. The firm is headquartered in Boston, with over 30 offices across five continents.
About Kirkland’s Inc.
Kirkland’s, Inc. is a specialty retailer of home décor and furnishings in the United States, currently operating 338 stores in 35 states as well as an e-commerce website, www.kirklands.com, under the Kirkland’s Home brand. The company provides its customers with an engaging shopping experience characterized by a curated, affordable selection of home décor along with inspirational design ideas. This combination of quality and stylish merchandise, value pricing and a stimulating online and store experience allows the company’s customers to furnish their home at a great value.
Lauren Nadeau Gordon Brothers +1.617.422.6599 lnadeau@gordonbrothers.com
