The Carlsbad, Calif.-based company, which owns such brands as Tommy Bahama Footwear, Trotters and SoftWalk, can expand the new facility to $20 million with the consent of Wells Fargo. The company said it had borrowed $8.3 million, net of cash, as of Monday from the facility.
“It is gratifying that a well-regarded bank like Wells Fargo … has shown confidence in our business during the current period of credit uneasiness,” said Phoenix Footwear CEO Cathy Taylor. “This credit facility puts our company in a stronger position to continue to pursue our strategic goals and build value for our shareholders.”
Phoenix Footwear’s previous facility, with Manufacturers and Traders Trust Co., has been retired.