Wells Fargo Capital Finance has provided financing to Brooks Brothers, a clothing retailer and apparel brand. No financial terms were disclosed. The capital will be used for expansion and working capital.
NEW YORK – July 09, 2019 – Wells Fargo Capital Finance, part of Wells Fargo Commercial Capital, announced today the completion of financing for Brooks Brothers, the storied U.S. apparel brand and one of its oldest clothing retailers. The financing will support ongoing global expansion and working capital.
”As one of America’s iconic brands, we are proud to uphold our same traditions and values for over two centuries, said Steven Goldaper, Senior Vice President and Chief Financial Officer for Brooks Brothers. We believe these are the reasons our customers continue to view us as more than a retail store.”
“Working with a lender that has a strong American history like Wells Fargo that understands the changing retail industry was imperative to this transaction,” he said. “The Wells Fargo team was able to tailor a creative, cost-effective financing solution to fit our needs that will also provide flexibility to support our retail footprint, distribution network and global expansion.”
Brooks Brothers was founded in New York City in 1818, and over 200 years later is a global brand that has shaped American style for men, women, and children.
“Many of us have great memories of Brooks Brothers being a staple in so many households,” said Adam Davis, Managing Director, Wells Fargo Capital Finance. “I remember how proud I was to acquire my first navy blue Brooks Brothers suit in the Walnut Street store in Philadelphia.”
“It is very rewarding to work with such an iconic brand and a strong management team. Asset-based lending is proving to be a great financial fit for companies like Brooks Brothers as consumer buying habits continually shift,” he said. “We look forward to working with them in creating a flexible financing solution that can evolve with their business strategy as they take advantage of new growth opportunities.”
Wells Fargo Capital Finance creates financing solutions for mid-sized to large retailers, helping them to meet capital needs, address seasonal cash flow peaks and valleys, and support growth.
About Brooks Brothers
Established in 1818, Brooks Brothers was the first American brand to offer ready-to-wear clothing and
has continued throughout history with iconic product introductions including: seersucker, madras, argyle, the non-iron shirt and the original button-down collar. Two centuries later, Brooks Brothers is proud to uphold the same traditions and values and to be the destination for ladies and gentlemen from every generation. Since its founding 201 years ago in New York, Brooks Brothers has become a legendary international retailer while maintaining a steadfast commitment to exceptional service, quality, style and value.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,700 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 33 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Wells Fargo Capital Finance
Wells Fargo Capital Finance – a part of Wells Fargo Commercial Capital – is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, supply chain finance and channel finance to companies across the United States and internationally. Dedicated teams within Wells Fargo Capital Finance provide financing solutions for companies in specific industries such as retail, software publishing and high-technology, commercial finance, staffing, government contracting and others. For more information, visit wellsfargocapitalfinance.com.