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FutureStarrOld Time Pottery
There is a type of pottery that just seems to have a magic to it. One of these potters was Abe Broulard and he lived during the late 1800's in Santa Rosa, California. Every day, he would come out of his workshop and make his pottery right there on the sidewalk. A lot of people really appreciated what he was doing, so he sold his wares for 15 cents each.
Old Time Pottery is a discount home décor retailer based in Murfreesboro, Tennessee. As of February 2018, it had 43 stores, including 13 in Florida, 4 in Tennessee, Ohio and Alabama, 3 in Indiana and Illinois, two in North Carolina, South Carolina and Missouri, and one in Oklahoma and Georgia.
No reductions in staffing or other closures are expected at other stores, distribution center or store support center, the release said. Old Time Pottery operates 43 stores in 11 states, according to its website. The company has four locations in Tennessee: Murfreesboro, Madison, Knoxville and Pigeon Forge. (Source: www.dnj.com)
BOSTON, Massachusetts – November 4, 2020 – Old Time Pottery, a Tennessee-based home décor retailer with stores throughout the Southeast and Midwest, has entered into a Senior Secured Credit Agreement agented by Second Avenue Capital Partners (“SACP”) and CIT Northbridge. Proceeds from the credit facility will be used as exit financing, enabling Old Time Pottery’s emergence from a restructuring process and positioning the company for long-term success.
“Old Time Pottery is set up for continued success, thanks to Second Avenue Capital Partners and CIT Northbridge,” said Jason Schmitt, Chief Executive Officer, Old Time Pottery. “I am incredibly grateful to our employees, long-term business partners, and landlords who worked with us to make this possible, and I am extremely pleased that we are able to ensure all creditors receive 100% of the money they are owed. We are looking forward to a wonderful holiday season, which is when Old Time Pottery really shines.” (Source: secondavecp.com)
Since the start of the COVID-19 pandemic, Second Avenue Capital Partners and CIT Northbridge have accelerated their efforts to support retail and consumer products companies as they navigate through a challenging time. The facilities provided to Old Time Pottery are another example of SACP and CIT Northbridge stepping in to support leading retailers during this time.
About Second Avenue Capital Partners LLC – Second Avenue Capital Partners, LLC (www.secondavecp.com), a Schottenstein Affiliate, is a finance company specializing in asset-based loans for the broader retail and consumer products industry. Focused on serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to provide an array of customized, capital solutions for businesses. This unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients as they seek the capital necessary to effectuate strategy and achieve financial objectives. Headquartered in Boston, Second Avenue Capital Partners also has offices in New York, Columbus, and Los Angeles. (Source: secondavecp.com)