CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
SmartBargains Inc. today announced it has received a $10 million investment from existing investors, closing out a $28 million commitment, and has a $20 million long-term line of credit from Wells Fargo Retail Finance.
Online, off-price retailer SmartBargains Inc. today announced it has received a $10 million investment from existing investors, closing out a $28 million commitment, and also has obtained a $20 million long-term line of credit with Wells Fargo Retail Finance.
SmartBargains will use the proceeds from investors to enhance its web site, expand merchandise offerings, and add to its merchandising team, the retailer said. The SmartBargains investors are led by Highland Capital Partners, Maveron, Gordon Brothers, Time Warner, General Catalyst and New England Development.
The Wells Fargo line of credit will give SmartBargains financial flexibility to meet peak merchandise inventory needs that typically occur prior to the holiday season, the retailer said.
“SmartBargains is well-positioned to capitalize on marketplace opportunities and continue its growth, and we’re pleased that our investors continue to recognize this potential,” said CEO Ben Fischman.