Daily News: March 4, 2014

Gibraltar Business Capital Provides ABL to Bills Khakis

Gibraltar Business Capital announced that it closed on a $3.5 million asset-based loan to Bills Khakis. The company intends to use the new credit facility to support working capital needs, as well as to fund strategic growth initiatives.

“Gibraltar Business Capital worked closely with us to structure a deal that meets our specific need for working capital to support our continued growth,” said John Dever, Jr., president of Bills Khakis. “We appreciate their ability to understand our business and to design a line of credit that addresses specific challenges associated with a premium clothing brand, such as ours. We look forward to a mutually beneficial and long lasting relationship.”

“We are pleased to provide Bills Khakis, a leading American menswear brand, the necessary liquidity to help move their growth strategy forward,” said Darren Latimer, CEO of Gibraltar Business Capital. “By collaborating closely with their management team, we have structured a tailored lending solution that takes into account today’s economic realities facing the retail sector.”

Reading, PA-based Bills Khakis is a designer of men’s sportswear.