Kirkland's, Inc. Secures $12 Million in Additional Debt Financing to Support Strategic Repositioning Efforts
January 26, 2024 at 07:00 am EST
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Kirkland's, Inc. 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.
Kirklandâs, Inc. is a specialty retailer of home decor and furnishings in the United States. The Company operates about 330 stores in 35 states as well as an e-commerce Website, www.kirklands.com, under the Kirklandâs Home brand. The Companyâs merchandise categories include holiday decor, furniture, textiles, decorative accessories, art, home fragrance, ornamental wall decor, mirrors, housewares, lighting, floral, outdoor and gift. All the Companyâs stores operate under the names Kirklandâs, Kirklandâs Home, Kirklandâs Home Outlet, Kirklandâs Outlet, and The Kirkland Collection. The Companyâs storeâs locations include Texas, Florida, Georgia, North Carolina, Tennessee, California, Alabama, Illinois, Indiana, Pennsylvania, Louisiana, Ohio, Michigan, Missouri, South Carolina, Virginia, Kentucky, Arizona, Oklahoma, Mississippi, New Jersey, Arkansas, Wisconsin, North Dakota, West Virginia, Delaware, Minnesota, Nevada, Nebraska, Maryland, and Colorado among others.
KIRKLAND'S, INC. 
