Anna’s Linens Expands Credit Facility Amid GrowthMonday, July 23, 2012
Costa Mesa-based home-goods discounter Anna’s Linens Inc. expanded its credit facility to $70 million as it continues to open new stores.
Anna’s Linens sells comforters, pillows, drapery and other home décor at 300 stores in 20 states.
The $70 million, four-year credit line is up from a previous $50 million line.
“The new facility provides us with the resources and flexibility to continue our aggressive growth strategy,” Anna’s Linens founder and Chief Executive Alan Gladstone said in a statement.
Anna’s Linens leased a 410,000-square-foot industrial building in Fontana last year to help support growth at the retail level and online. The Inland Empire facility is the largest of the company’s three distribution centers and services more than 120 West Coast stores.
Anna’s Linens opened 30 stores last year and plans a similar number of store openings this year, focusing on markets east of Texas.
The company had 2011 sales of $385 million, up 7% from a year earlier. Anna’s Linens employs 195 workers in OC and 3,000 companywide.