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From Home Furnishing Business
Kirkland’s Secures Additional Financing for Repositioning Efforts
January 28,
2024 by HFBusiness Staff in Business Strategy, Industry 
Kirkland's, Inc. (Nasdaq: KIRK), a specialty retailer of home décor and furnishings, entered into a supplemental credit facility on Jan 25, 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.
Kirkland's Home CFO Mike Madden commented on the new facility, "As we move into 2024, we are pleased to have access to additional capital to further bolster our liquidity position. The additional capital provides us with sufficient room to continue executing our strategic repositioning, while giving us the ability to accelerate components of our strategy aimed at returning the Company to historical levels of performance."