Gordon Brothers provided a $100 million exit facility commitment as agent for Jo-Ann Stores to support the U.S. arts and crafts specialty retailer’s restructuring and bolster the company’s liquidity.
Gordon Brothers provided a first-in, last-out credit facility last year to help optimize Jo-Ann Stores’ balance sheet and drive free cash flow across the enterprise.
“We’re proud to support the category leader in sewing and fabrics with one of the largest arts and crafts offerings during the restructuring process,” Kyle Shonak, senior managing director of the transaction team and head of North America lending at Gordon Brothers, said. “In addition to our advisory and consulting services, our credit facility’s extension will help secure Jo-Ann Stores’ liquidity and support its growth.”
