Barnes & Noble extends credit agreement

7/17/2018
The nation’s largest bookseller is getting a reprieve on its credit facility.

Barnes & Noble has entered into an agreement to extend its existing $750 million credit facility through July 2023. The transaction was led by Bank of America, JPMorgan Chase, Wells Fargo Bank, National Association, and SunTrust Robinson Humphrey, Inc. Bank of America will administer the loan.

The credit facility coincides with the company’s long-term turnaround plan, which also includes a focus on sales improvements and cost reductions.

“We appreciate the strong level of support we received from our lending partners,” said Allen Lindstrom, CFO of Barnes & Noble. “Extending our credit facility provides us continued flexibility to support the seasonality of our business and execute on our strategic initiatives.”

The extension comes on the heels of disappointing fourth quarter earnings. For the period ended April 28, the company reported a net loss of $21.1 million, compared to a loss of $13.4 million in the year-ago period.
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