Specialized retail lender Paragon Capital LLC, of Needham, Mass, announced today that it has provided a $12m line of credit to Hit or Miss Inc., of Stoughton, Mass, one of the nation's best-known women's apparel retailers. Hit or Miss filed for Chapter 11 bankruptcy on Friday, November 17, in a New Jersey Federal Bankruptcy Court.

"This line of credit will help us as we reorganise and position ourselves for the future," said Hit or Miss president and CEO Donna Moore. "Paragon Capital, in our view, redefined the term responsiveness in comparison to other lenders I have dealt with. Our facility, from start to finish, was completed in less than seven days. This is a reflection of Paragon's retail expertise and its ability to think like a strategic financial partner."

Hit or Miss is a privately held (retailer of women's off-price fashion clothing and accessories. The company operates more than 200 leased stores nationwide with the majority of locations located on the East Coast.

"Hit or Miss has maintained a long-standing name in the retail marketplace of the Northeast," said Paragon president & COO Andrew Moser. "We're pleased to help the company by providing the liquidity necessary to help reposition the business and redefine a consistent merchandising strategy."

"This financing will give Hit or Miss the liquidity they need to reorganize successfully," added Paragon CEO Stewart Cohen.