USA: Cutter & Buck Agrees $35m Credit Line
Upscale sportswear firm Cutter & Buck Inc on Thursday said it had agreed a $35 million credit with Wells Fargo & Co.
The firm said the new broad-based relationship between also includes a number of financial services, such as providing funding support for the company's Seattle-based global sportswear and outerwear business.
Overall relationship coordination as well as treasury management, foreign exchange, and Internet banking services will come from Wells Fargo Bank's Seattle-based commercial banking office.
"A relationship with a financial services company such as Wells Fargo, that has national and international reach, falls right in line with our mission to build a premium global consumer brand," said Cutter & Buck CEO Fran Conley.
The firm, which plans to close all its retail outlets, said ealier this weeks its losses in the latest quarter grew to $9.7m from $8.5m in the year-ago period. Sales fell 10 per cent year-on-year.
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