VALHALLA, N.Y., Feb 27, 2003 (BUSINESS WIRE) -- Candie's, Inc. (NASDAQ:CAND)
("Candie's" or the "Company") today announced that its wholly owned subsidiary,
Unzipped Apparel, LLC, which manufactures and sells Bongo jeanswear, signed an
agreement with GE Commercial Services to provide Unzipped a $25 million
revolving credit line.
The financing includes letters of credit, factoring services, and inventory and
accounts receivable financing.
Hubert Guez, Chief Executive Officer of Unzipped, commented, "The new $25
million line provides Unzipped with $10 million more than it had under its prior
line, and will be used to support Unzipped's ongoing growth and capital plans."
Neil Cole, Chief Executive Officer of Candie's, commented, "We are excited about
the continued consumer acceptance of the Bongo brand. Candie's, Inc. will
continue to capitalize on the licensing and other growth opportunities that the
About Candie's Inc.
Candie's, Inc. is a leading designer and marketer of young women's footwear. The
Company distributes its products under the Candies and Bongo brand names through
department and specialty stores nationwide, as well as through company-owned
stores. Through its wholly-owned subsidiary, Unzipped Apparel LLC, the Company
sells and markets Bongo jeanswear. Candie's also arranges for the manufacture of
footwear products for mass market and discount retailers under the private label
brand of the retailer or other trademarks owned or licensed by Candie's.
Additionally, the Candie's brand is licensed for the manufacture and sale of
apparel, fragrances, handbags, eyewear and watches, and the Bongo brand is
licensed for kids' jeans and apparel, sportswear, cold weather accessories,
belts and eyewear. Candie's, Inc. operates www.candies.com and www.bongo.com.
For investor information please visit the corporate web site at
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. The statements which are not historical facts contained in this press
release are forward looking statements that involve a number of known and
unknown risks, uncertainties and other factors all of which are difficult or
impossible to predict and many of which are beyond the control of the Company,
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward looking statements. Such factors include,
but are not limited to the risks detailed in the Company's Securities and
Exchange Commission filings, and uncertainty associated with the impact on the
Company in relation to recent events discussed in the Company's Form 10-K for
Fiscal 2002. The words "believe", "expect", "anticipate", "seek" and similar
expressions identify forward-looking statements. Readers are cautioned not to
place undue reliance on these forward looking statements.
Candie's, Inc., Valhalla
Richard Danderline, 914/769-8600
Gary Kane, 914/749-2989
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