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Women's fashion retailer Maurices announced this week that it had completed a refinancing transaction. According to a Wednesday press release, the transaction expands Maurices’ longstanding relationship with lending partners Wingspire Capital and Tiger Finance, and welcomes Second Avenue Capital Partners to the financing relationship.
The transaction strengthens the company’s capital structure through extended maturities and lower borrowing costs, the press release said. The refinancing is expected to enhance financial flexibility while supporting the company’s long-term strategic objectives.
Maurices, founded in 1931, is headquartered in Duluth. The company operates more than 800 stores across the United States and Canada, as well as online retail. Marshall currently has a Maurices store location.
“This refinancing represents an important milestone for Maurices attributable to the success of our business turnaround and strong team. It further reflects the confidence our lending partners have in our business, our performance, and our future,” Maurices Chief Operating Officer Brent Hickman said in the press release. “As we approach our 96th year of serving customers, this strengthened capital structure provides greater flexibility to invest in the business, continue executing our growth strategy, and serve our customers for years to come. We are grateful for the continued partnership and support of Wingspire, Tiger, and Second Avenue, and we look forward to building on these relationships in the future.”
“Wingspire has been proud to support Maurices for a number of years, and we’re thrilled to extend that relationship through this refinancing. It reflects our continued confidence in the business and its leadership team, and we look forward to supporting the company’s continued growth alongside Tiger and Second Avenue,” said David Wisen, founder and CEO of Wingspire Capital.
“Tiger is pleased to continue its partnership with Maurices and to welcome Second Avenue Capital Partners to the upsized FILO (first-in, last-out) term loan facility. Together with Wingspire, we are excited to provide the capital and flexibility that will allow the Company to execute on its long-term strategy,” said Andy Babcock, senior managing director of Tiger Finance.