Crossroads Financial, a provider of inventory financing, provided a $4 Million inventory revolver an Army and Navy store retailer.
The company was founded in 1951 and currently occupies six retail locations in upstate New York. Sales were high during 2018, but it experienced a significant setback due to some store closings. The sales decline forced the company to file for bankruptcy protection.
Crossroads was approached to replace the current secured lender who had been assisting with purchasing inventory and supplying cash flow.
A broker referred the company to Crossroads.
The company will be using the funding to emerge from bankruptcy and acquire new inventory in addition to re-establishing terms with suppliers who supported the company while in bankruptcy.