NASHVILLE, Tenn., Jan. 26, 2024 /PRNewswire/ -- Kirkland's, Inc. (Nasdaq: KIRK) ("Kirkland's Home" or the "Company"), a specialty retailer of home décor and furnishings, entered into a supplemental credit facility on January 25, 2024, which will increase its available credit by up to $12 million.
To support its strategic repositioning efforts, Kirkland's Home secured additional debt financing through a new first-in last-out, asset-based, delayed-draw term loan facility. The new facility is in addition to the Company's existing $90 million asset-based revolving credit facility. Proceeds from the new facility, when drawn, will be used to provide additional liquidity for ongoing working capital needs. As of closing, the Company's combined credit availability under both credit agreements was approximately $21.5 million.
Kirkland's Home CFO Mike Madden commented on the new facility, "As we move into 2024, we are pleased to have access to additional capital to further bolster our liquidity position. The additional capital provides us with sufficient room to continue executing our strategic repositioning, while giving us the ability to accelerate components of our strategy aimed at returning the Company to historical levels of performance."
About Kirkland's, Inc.
Kirkland's, Inc. is a specialty retailer of home décor and furnishings in the United States, currently operating 338 stores in 35 states as well as an e-commerce website, , under the Kirkland's Home brand. The Company provides its customers with an engaging shopping experience characterized by a curated, affordable selection of home décor along with inspirational design ideas. This combination of quality and stylish merchandise, value pricing and a stimulating online and store experience allows the Company's customers to furnish their home at a great value. More information can be found at .
Forward-Looking Statements
Except for historical information contained herein, certain statements in this release, constitute forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are subject to the finalization of the Company's quarterly financial and accounting procedures. Forward-looking statements deal with potential future circumstances and developments and are, accordingly, forward-looking in nature. You are cautioned that such forward-looking statements, which may be identified by words such as "anticipate," "believe," "expect," "estimate," "intend," "plan," "seek," "may," "could," "strategy," and similar expressions, involve known and unknown risks and uncertainties, many of which are outside of the Company's control, which may cause the Company's actual results to differ materially from forecasted results. Those risks and uncertainties include, among other things, risks associated with the Company's liquidity including cash flows from operations and the amount of borrowings under the secured revolving credit facility, the Company's actual and anticipated progress towards its short-term and long-term objectives including its brand strategy, the risk that natural disasters, pandemic outbreaks (such as COVID-19), global political events, war and terrorism could impact the Company's revenues, inventory and supply chain, the continuing consumer impact of inflation and countermeasures, including raising interest rates, the effectiveness of the Company's marketing campaigns, risks related to changes in U.S. policy related to imported merchandise, the Company's ability to retain its senior management team, continued volatility in the price of the Company's common stock, the competitive environment in the home décor industry in general and in the Company's specific market areas, inflation, fluctuations in cost and availability of inventory, increased transportation costs and potential interruptions in supply chain, distribution systems and delivery network, including our e-commerce systems and channels, the ability to control employment and other operating costs, availability of suitable retail locations and other growth opportunities, disruptions in information technology systems including the potential for security breaches of the Company's information or its customers' information, seasonal fluctuations in consumer spending, and economic conditions in general. Those and other risks are more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K filed on April 4, 2023 and subsequent reports. Forward-looking statements included in this release are made as of the date of this release. Any changes in assumptions or factors on which such statements are based could produce materially different results. Except as required by law, the Company disclaims any obligation to update any such factors or to publicly announce results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
Contact: | Kirkland's Home | Gateway Group, Inc. |
| Mike Madden | Cody Slach and Cody Cree |
| (615) 872-4800 | [email protected] |
| | (949) 574-3860 |
SOURCE Kirkland's, Inc.
田纳西州纳什维尔,2024年1月26日 /PRNewswire/ — 家居装饰和家具专业零售商柯克兰公司(纳斯达克股票代码:KIRK)(“柯克兰之家” 或 “公司”)于2024年1月25日签订了补充信贷额度,这将使其可用信贷增加多达1200万美元。
为了支持其战略重新定位工作,Kirkland's Home通过一项新的先入后出、基于资产的延迟提取定期贷款机制获得了额外的债务融资。新贷款是对公司现有的9000万美元资产循环信贷额度的补充。新融资机制的收益一旦提取,将用于为持续的营运资金需求提供额外的流动资金。截至收盘,公司在两份信贷协议下的合并信贷可用性约为2150万美元。
Kirkland's Home首席财务官迈克·马登对新设施发表了评论:“随着我们进入2024年,我们很高兴能够获得更多资金来进一步巩固我们的流动性状况。额外的资本为我们提供了足够的空间来继续执行我们的战略重新定位,同时使我们能够加快旨在使公司恢复到历史业绩水平的战略的各个部分。”
关于 Kirkland's, Inc.
Kirkland's, Inc. 是美国一家家居装饰和家具专业零售商,目前在35个州经营338家门店,并以Kirkland's Home品牌经营一家电子商务网站。该公司为客户提供引人入胜的购物体验,其特点是精心挑选、价格合理的家居装饰以及鼓舞人心的设计理念。这种优质时尚的商品、超值的价格以及刺激性的在线和商店体验相结合,使公司的客户能够以超值的价格装修自己的房屋。更多信息可以在以下网址找到。
前瞻性陈述
除此处包含的历史信息外,本新闻稿中的某些陈述均构成前瞻性陈述,受1995年《私人证券诉讼改革法》的安全港条款的约束,并有待公司季度财务和会计程序的最终确定。前瞻性陈述涉及潜在的未来情况和发展,因此本质上是前瞻性的。请注意,此类前瞻性陈述可能用 “预期”、“相信”、“预期”、“估计”、“打算”、“计划”、“寻求”、“可能”、“战略” 等词语来识别,涉及已知和未知的风险和不确定性,其中许多风险和不确定性超出公司的控制范围,这可能导致公司的实际业绩与预测存在重大差异结果。除其他外,这些风险和不确定性包括与公司流动性相关的风险,包括运营现金流和有担保循环信贷额度下的借款金额、公司实现包括品牌战略在内的短期和长期目标的实际和预期进展、自然灾害、大流行疫情(例如 COVID-19)、全球政治事件、战争和恐怖主义可能影响公司收入、库存和供应链的风险、通货膨胀对消费者的持续影响以及对策,包括提高利率、公司营销活动的有效性、与美国进口商品相关政策变化相关的风险,公司留住高级管理团队的能力、公司普通股价格的持续波动、整个家居装饰行业和公司特定市场领域的竞争环境、通货膨胀,波动库存成本和可用性、运输成本增加以及供应链、分销系统和交付网络(包括我们的电子商务系统和渠道)的潜在中断、控制就业和其他运营成本的能力、合适零售地点和其他增长机会的可用性、信息技术系统的中断,包括公司信息或其客户信息可能出现安全漏洞、消费者支出的季节性波动以及总体经济状况。公司向美国证券交易委员会提交的文件中更全面地描述了这些风险和其他风险,包括公司于2023年4月4日提交的10-K表年度报告和随后的报告。本新闻稿中包含的前瞻性陈述自本新闻稿发布之日起作出。此类陈述所依据的假设或因素的任何变化都可能产生重大不同的结果。除非法律要求,否则公司没有义务更新任何此类因素,也没有义务公开宣布为反映未来事件或事态发展而对本文包含的任何前瞻性陈述进行的任何修订的结果。
联系人: | 柯克兰的家 | Gateway 集团有限公司 |
| 迈克·马登 | Cody Slach 和 Cody Cree |
| (615) 872-4800 | [电子邮件保护] |
| | (949) 574-3860 |
来源 Kirkland's, Inc.