Holmes Restructures Financing To Fuel Growth

The Holmes Group has restructured its bank line, increasing its revolving credit from $140 million to $180 million to help fuel company growth in 2001. The company reported a loss for 2000 and a one-time charge of $25.6 million to write down inventory and receivables. The receivables write down was for increased level of bad debt in the company’s customer base and issues related to the company’s acquisition of small appliance vendor Rival. Inventory reflected a SKU rationalization as the company eliminated overlap and slow moving items, primarily in the Rival portfolio, according to the company.