Kirkland's Home Secures Additional Financing

Home specialty retailer Kirkland’s Home has secured a $12 million supplemental credit line that will help support its “strategic repositioning efforts.”

According to the company, the additional debt financing was secured through a new first-in last-out, asset-based, delayed-draw term loan facility. The new facility is in addition to the company's existing $90 million asset-based revolving credit facility. 

Proceeds from the new facility, when drawn, will be used to provide additional liquidity for ongoing working capital needs. As of closing, the company's combined credit availability under both credit agreements was approximately $21.5 million.

"As we move into 2024, we are pleased to have access to additional capital to further bolster our liquidity position,” said Mike Madden, chief financial officer at Kirkland’s Home. “The additional capital provides us with sufficient room to continue executing our strategic repositioning, while giving us the ability to accelerate components of our strategy aimed at returning the company to historical levels of performance."

The company did not provide details on the components of its strategic repositioning.

Recently, Kirkland’s announced the hiring of Amy Sullivan as the company’s CEO. She officially takes her new position February 4 and succeeds interim CEO Ann Joyce who will remain on the company’s board of directors.

Sullivan, who has been with Kirkland’s for more than a decade, was promoted to president and chief operating officer in the spring of 2023. As a member of the executive team, she has helped lead the organization through significant strategic repositioning initiatives, including refocusing marketing efforts and aligning product assortments to drive customer demand. Prior to Kirkland's Home, she held senior-level positions for Express, Lands' End, Kohl's and JCPenney.