Encina Business Credit provided a $25 million credit facility for etailz, a segment of Trans World Entertainment.
The facility will be primarily used to provide capital for etailz to achieve its growth goals, which includes further developing its software and services offerings, supporting inventory expansion, and expanding into new marketplaces and geographies.
Going forward Trans World will focus on etailz following the sale of substantially all of the assets constituting its For Your Entertainment (FYE) segment to a subsidiary of Sunrise Records and Entertainment, the parent of Sunrise Records in Canada and HMV Records in the UK for $10 million in cash, subject to net inventory and other adjustments, plus the assumption of certain liabilities.
Going forward, the company plans to focus on operating etailz.
All of the proceeds from the transaction were used to repay outstanding indebtedness and to satisfy other unassumed liabilities.
“The sale of our FYE segment has put our stores and employees in the best position to continue forward and build upon an almost 50 year legacy. With respect to etailz, we believe marketplace selling, technology, and advertising have never been more important to global retailing. The securing of the credit facility for etailz is a positive and important first step to support the growth of etailz, which will remain our focus for the future,” said Michael Feurer, Trans World’s CEO._x000D_
etailz is an online marketplace retail expert, service, and software provider that uses a data driven approach to digital marketplace retailing.
