NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Corporate Lending today announced it has provided a $75 million asset-based credit facility to Tweeter Home Entertainment Group, Inc. The facility will provide liquidity to support the company's restructuring strategy. GE Money also provides private label credit card services to the company.
Founded in Boston, Massachusetts in 1972, Tweeter is a national specialty consumer electronics retailer providing home and mobile entertainment solutions.
"We simplified our bank group by consolidating our financing with GE," said Joe McGuire, president and CEO of Tweeter. "In addition, this facility supports our plans to restructure the business and refocus our resources."
"By it's nature, the electronics retail market is continuously evolving, often requiring retailers to innovate and redeploy capital to remain competitive," said Jim Hogan, managing director of GE Corporate Lending's Retail group. "With both a retail and restructuring specialization, GE can provide smarter capital to companies such as Tweeter, that allows them to focus on core business operations."
Industry Specialization
To better meet the unique financing needs of customers, GE Corporate Lending has a team of Industry Leaders supported by dedicated research analysts. These industry experts work closely with GE Corporate Lending's regional teams to build customized financing solutions for companies across key industries: Aerospace & Defense; Automotive & Automotive Parts; Chemicals & Plastics; Food, Beverage & Agribusiness; Financial & Business Services, General Manufacturing; Paper, Packaging & Forest Products; Steel & Diversified Metals; Technology; and Transportation & Construction. The industry-aligned approach also builds on GE Corporate Lending's experience as a leading provider of financial solutions for the Retail industry and for companies in need of Project, Turnaround and Restructuring Finance.
About GE - Corporate Lending
With $14 billion in assets, GE Commercial Finance Corporate Lending is one of North America's largest providers of asset-based, cash flow, structured finance and other financial solutions for mid-size and large companies. From over 30 offices throughout the U.S. and Canada, Corporate Lending specializes in serving the unique needs of borrowers seeking $10 million to $1 billion and more for working capital, growth, acquisitions, project finance and turnarounds. Visit www.gelending.com for more information.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $233 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customer in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.