We guess we’re not the only one having “liquidity” issues.
Evine Live said Thursday that it had secured a 5-year bank term loan with GACP Finance Co. for $17 million.
The home shopping network said that expects “to use the borrowings for general corporate purposes as well as to strengthen the overall liquidity position of the company.”
The loan matures in March 2021.
“For 2016, our primary focus is to improve our execution on the fundamentals of our business, both from a profitability perspective as well as from a balance sheet perspective,” Evine Live Chairman and Interim CEO Bob Rosenblatt said in a canned statement.
“This incremental liquidity is part of our integrated plan to ensure we have the flexibility to be opportunistic with our business operations in order to drive improving profitability and value for all of our stakeholders. In addition, we are reiterating our preliminary fourth-quarter results.”
The network will release its fourth-quarter and 2015 results March 23 before the market opens and will hold a conference call at 8:30 a.m. to review these results.