With the help of Deloitte Corporate Finance and Deloitte Financial Advisory Services’ Corporate Restructuring Group, Tandy Brands Accessories recently restructured its business operations and refinanced its existing debt.
DCF acted as the exclusive financial advisor to Tandy Brands Accessories in connection with the execution of the new credit facilities, and Deloitte CRG provided the company with financial advisory and restructuring services.
Deloitte CRG was initially engaged to assist Tandy Brands Accessories in performing an analysis of the operational and financial performance of the company. Subsequently, Tandy Brands Accessories also engaged DCF to assist management in identifying and raising additional sources of capital. In addition, it engaged John Little of Deloitte CRG as the company’s appointed chief restructuring officer to help TBAC management in executing a restructuring plan designed to increase profitability, improve working capital efficiency and customer service, and reduce overhead.
As a result, Tandy Brands Accessories was successful in completing its restructuring plan and raising additional capital with Salus Capital Partners, providing senior financing of up to $29 million and EPK Financial Corporation, d/b/a King Trade Capital providing a purchase and sale facility with $11.5 million of maximum aggregate amount permitted to be outstanding.
Tandy Brands Accessories designs and markets men’s, women’s and children’s accessories in North America.
Previously on abfjournal: Tandy Brands Closes Facilities with Salus, King Trade, July 29,2013