Daily News: August 19, 2013

Wells Fargo Capital Finance Amends Brookstone Facility

In a news release announcing its Q2/13 financial results, Brookstone said it has entered into an amended banking facility with Wells Fargo Capital Finance, which will provide up to $25 million of additional availability as the company looks forward to the fourth quarter holiday selling season. This new facility includes an expansion of Brookstone’s current line of credit by $10 million to $110 million, and additional short term funds of up to $15 million.

“We are pleased to have been able to complete this important financing for Brookstone which will allow them the financial flexibility to make strategic business decisions” said James Dore, president of the Commercial and Retail Finance Group at Wells Fargo Capital Finance. “The senior management team has been incredible to work with and we look forward to supporting this specialty retailer.”

Jim Speltz, Brookstone president and CEO commented, “We are returning to our roots, offering an assortment of innovative products and providing excellent customer service. With our expanded Wells Fargo Bank credit facility in place, we expect to be able to refocus our product offerings for the all-important fourth quarter and take better advantage in future gifting periods.”