Eastern Mountain Sports Completes New Financing
PETERBOROUGH, N.H., Aug. 5 /PRNewswire/ -- In order to facilitate future growth, Eastern Mountain Sports ("EMS," or the "Company") announced today that it has closed on new financing totaling $50 million. In addition to raising new equity from existing investors, EMS closed on a new, larger senior credit facility led by Wells Fargo Retail Finance, a leading provider of capital to growing retailers.
Will Manzer, the Company's CEO, commented, "We are thrilled with this financing package which positions EMS for future growth and success at a time when most retailers are struggling. Having completed the repositioning of EMS, taking the Company back to its roots as an authentic outdoor outfitter, we are now focused on investing in new stores, continuously improving the quality of our products, and consistently delivering superior value and customer service. EMS continues to excel, despite these tough economic times, by providing our customers with an exceptional way to enjoy their passions in a cost effective manner. We enable our customers to enjoy what is already theirs and free which is the great outdoors!"
The new financing positions the company well to continue its growth strategies including several new, larger store openings. In April of this year, the company opened a 13,400 square foot store in Annapolis, MD and in May, the company opened its 18,000 square foot flagship store in SoHo, New York. For 2010, there are 3 additional confirmed openings planned in Hingham, MA, Collegeville, PA, and Waterford, CT with additional store openings being considered.
About Eastern Mountain Sports
Founded in 1967 by two New England rock climbers and based in Peterborough, N.H., Eastern Mountain Sports is one of the nation's leading outfitters of outdoor gear, clothing, footwear and accessories with 64 retail stores in 12 states. More information is available at ems.com.
SOURCE Eastern Mountain Sports