BELLEVUE, Wash.--(BUSINESS WIRE)--Aug. 10, 2005--Long's Jewelers is well on its way to standing alone among jewelry retailers in New England -- literally.
With the July opening of a new location in Peabody, Mass., the retailer now operates seven stores in Massachusetts and New Hampshire, including two newly opened stand-alone locations in the past year. The new 12,500-square-foot Peabody location offers a substantial increase over the previous space inside the Peabody mall. In November 2004, the company reopened its location on Summer Street in downtown Boston after closing seven years ago because of the Big Dig.
"We're going through quite a growth spurt," says Bob Rottenberg, CEO, Long's Jewelers, who bought the 127-year-old company in 1991. "We anticipate continuing to explore opportunities for new locations, especially for stand-alone locations that provide the shopper with a destination experience."
When it came to securing the real estate and financing for the new location, Rottenberg wanted a reliable company to finance the project without sacrificing flexibility for their long-term growth. Fortunately, the relationship was already in place. Long's Jewelers used GE for a line-of-credit for its inventory, so when it came to financing the new property, the company did not have to look far.
GE Commercial Finance, Business Property orchestrated an SBA 504 loan with a fixed rate and a 25-year term. Such long-term stability allows Long's Jewelers to maintain the financial flexibility it needs to pursue other projects.
"We want to provide our customers with the ultimate shopping experience, and these larger locations like we just opened in Peabody give us the opportunity to do that in a whole new way," says Rottenberg. "As we continue to seek future opportunities to grow and serve our customers, we expect GE to remain an important part of out team."
GE Commercial Finance, Business Property is a premier provider of SBA 504 loans, which make ideal finance solutions for small businesses that need real estate but also need cash flow to keep their businesses moving and growing.
John Figmic, the GE Commercial Finance, Business Property account executive who worked with Long's Jewelers, says the loans allow small businesses to retain access to capital as they move forward.
"We give businesses a low, fixed rate and a long term on their loan so they have the opportunity to continue building their business," says Figmic. "When a company finances with us, we like to see it develop into an ongoing relationship, where the customer can have continued access to all the knowledge and resources GE has to offer."
As a company that has sold an engagement ring or two in its day, Long's Jewelers knows a few things about starting relationships. Expect this one to last.
About Long's Jewelers
Established in 1878, Long's Jewelers operates seven jewelry stores in Boston, Burlington, Braintree, Natick, and Peabody in Massachusetts, and in Nashua and Newington, New Hampshire. Long's carries the region's finest collection of jewelry and watches from world-renowned manufacturers that include David Yurman, Mikimoto, Roberto Coin, Scott Kay, Chopard, Maurice Lacroix, and Breitling. Each store also offers a complete giftware gallery of crystal, fine china, and gifts for baby and the home, from Waterford, Lalique, Lladro and more. Long's specializes in corporate gifts to suit every business need. The company also introduced its signature diamond, Trae(R), in 2003. Long's is a proud member of the American Gem Society, the official award supplier of the Boston Marathon, and an avid supporter of many charities. For more information, log on to www.longsjewelers.com.
About GE
GE Commercial Finance, Business Property is a leading provider of single tenant/owner-occupied commercial real estate financing in the United States. With assets of more than $13B, the business serves commercial real estate owners, investors, developers, and brokers. Business Property offers conventional debt and SBA loans, as well as flexible, structured products tailored to meet the capital needs of small to middle market businesses in diverse industries. More information is available at www.gebusinessproperty.com or by calling toll-free 888-335-4372.
GE Commercial Finance Real Estate (www.gerealestate.com) is one of the world's leading resources for commercial real estate capital. Headquartered in Stamford, Connecticut, the business has assets over $28 billion and more than 30 offices throughout North America, Europe and Asia/Pacific.
GE Commercial Finance (www.gecommercialfinance.com) offers businesses of all sizes an array of financial services and products worldwide. With over $230 billion in assets and an expertise in the mid-market segment, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. A wholly owned subsidiary of the General Electric Company, GE Commercial Finance is headquartered in Stamford, Connecticut, USA.
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. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's web site at http://www.ge.com
Contacts
Tag Team Global, Chicago
Gini Dietrich, 312-787-7249
[email protected]
or
GE Commercial Finance, Business Property
Nancy Nyikes, 314-205-3540
[email protected]
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340