Duluth gets $20.5 million delayed-draw term loan due April 2021

By Wendy Van Sickle

Columbus, Ohio, May 4 – Duluth Holdings Inc. said it negotiated a $20.5 million incremental delayed-draw term loan that will be available to be drawn before April 29, 2021 and also amended its loan covenants to allow for greater flexibility during its peak borrowing periods this year.

Measures to manage cash flows and other expenses have been implemented and are expected to lead to a reduction in the company’s cash burn due to Duluth’s temporary store closures, the company reported in a news release on Monday.

The company said its liquidity position as of Monday has improved since April 10 with $85 million outstanding on its line of credit, $7 million of cash on its balance sheet and the additional $20.5 million of borrowings now available on its $150 million credit facility.

The Belleville, Wis.-based company sells casual wear, workwear and accessories for men and women under the Duluth Trading brand.

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