By  on July 29, 2013

Tandy Brands Accessories Inc. has secured new financing to replace its frequently extended credit facility with Wells Fargo Bank, due to expire on Wednesday.

The Dallas-based accessories business, which fell out of compliance with the profitability requirements of its Wells Fargo facility after a difficult holiday season in its gifts business, received $29 million in senior financing from Salus Capital Partners, $27.5 million of it in a revolving credit package. An additional $11.5 million came from King Trade Capital and is earmarked for the purchase of inventory related to the problematic holiday season in gifts.

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