Ames finalizing new financing deal
July 3, 2001,
Rocky Hill, CT — Setting up a fresh infusion of cash to pay merchandise suppliers and stock its shelves for the Back to School season, regional discounter Ames Department Stores said it is finalizing a new $75 million financing pact with shopping center owner Kimco Realty Corp.
The fresh financing will be secured by leasehold interests on some of Ames stores, said the retailer.
"The new funding from Kimco will give us additional resources to meet the needs of our vendors and other partners," said Joe Ettore, Ames chairman and ceo. "It continues Ames' drive to use creative approaches that maximize the full potential of our resources. Together with continued growth in our retail margins, and reductions in SG&A expenses, this new funding from Kimco will substantially improve our liquidity as we enter the Back to School selling season."