Home & Textiles Today Staff -- Home Textiles Today, April 14, 2003
Fingerhut Direct raises $100 million
Fingerhut Direct received a $100 million senior secured line of credit to finance inventory, receivables and working capital. CIT Business Credit's Retail Finance Group, a unit of CIT Group, acted as lead arranger and administrative agent. The facility comprises a revolving line of credit, secured by inventory and a bridge loan for consumer installment receivables. "Now we can focus on growth and profitability," said Ted Deikel, ceo, Fingerhut Direct. After mailing its first catalog in November, Fingerhut has dropped six more in the first quarter of 2003.
Linens 'n Things taps Paquette
Linens 'n Things has named Paula Paquette vp/gmm of decorative housewares, responsible for the merchandising of the decorative division. Reporting to Audrey Schlaepher, chief merchandising officer, Paquette starts on April 8. She joins the specialty retailer from Kmart, where she most recently held the position of vp/gmm of the home division, which includes the Martha Stewart brand. She also held the positions of merchandise manager, soft home division, and division vp, home fashion division. She replaces Lisa Laube, who left the company a year ago.