EVANSVILLE, Ind. -- Shoe Carnival, Inc. (Nasdaq: SCVL), a leading retailer of value-priced footwear and accessories, today announced the successful completion of a new revolving credit facility.
The new credit agreement provides for up to $50 million in loans and commercial and standby letters of credit through April 30, 2013. The new agreement revises and updates certain terms and covenants contained in Replica Atletico Madrid Jersey the prior credit agreement.
At January 30, 2010, the end of its current fiscal year, the Company expects to have approximately $40 million in cash and cash equivalents. The Company believes that its existing cash and cash flow from operations will be sufficient to fund its working capital and anticipated capital expenditures for its expansion plans in 2010.
鈥淲e are very pleased to announce the successful completion of the agreement with Wachovia Bank and believe this facility, in conjunction with our existing cash and cash flow from operations, will adequately meet our capital requirements for anticipated growth over the next several years,鈥?said Kerry Jackson, Shoe Carnival鈥檚 Chief Financial Officer and Treasurer. 鈥淲e appreciate our lenders鈥?confidence in Shoe Carnival as we continue to execute our long-term growth strategy.鈥?
Wachovia Bank, National Association, a Wells Fargo Company acted as Lender and Administrative Agent and Wells Fargo Securities acted as Sole Lead Arranger for the transaction.
About Shoe Carnival
Shoe Carnival is a chain of 311 footwear stores located in the Midwest, South and Southeast. Combining value pricing with an entertaining store format, Shoe Carnival is a leading retailer of name brand and private label footwear for the entire family. Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at .
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: general economic conditions in the areas of the United States in which our stores are located; the effects and duration of the current economic downturn and the impact on the credit markets; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; our ability to generate increased sales at our stores; the potential impact of national and international security concerns on the retail environment; changes in our relationships with key suppliers; the impact of competition and pricing; changes in weather patterns, consumer buying Fake Hublot Watches trends and our ability to identify and respond to emerging fashion trends; the impact of disruptions in our distribution or information technology operations; the effectiveness of our inventory managem
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