Live Ventures Announces Full Repayment of $24 Million Term Loan
January 21 2021 - 8:30AM
Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding
company, announced that its subsidiary, Vintage Stock, has repaid
in full its $24 million term loan debt to Comvest Credit Partners.
Jon Isaac, Live Ventures’ President and CEO,
said that, “Eliminating the term loan obligation and associated
interest expense represents a significant milestone for our
company. What originally began as a $30 million term loan in
connection with our acquisition of Vintage Stock, and subsequently
refinanced at $24 million, has now been fully repaid. By
eliminating the drag of interest expense, we are in a stronger
position to deploy cash to other initiatives, such as new
acquisitions.”
In the company’s January 13, 2021 earnings
release, Mr. Isaac had noted that Vintage Stock weathered the
Covid-19 crisis through various strategic actions. Though its
stores had to close for an average 45 days, “Vintage Stock took
advantage of the closures to implement effective cost cutting
initiatives, including reducing store hours and headcount, cutting
rent, and improving the efficiency of processes.” At the same time,
the forced shuttering of arenas, theaters and other out-of-home
venues around the nation raised demand for Vintage Stock’s new and
used in-home entertainment merchandise.
About Live Ventures
Live Ventures Incorporated, originally
incorporated in 1968, is a diversified holding company with several
wholly owned subsidiaries and a strategic focus on acquiring
profitable companies that have demonstrated a strong history of
earnings power. Through its subsidiary Marquis Industries, the
company manufactures and sells residential and commercial carpets
primarily in North America. Marquis Industries also designs,
sources and sells hard-surface flooring. Through its subsidiary
Precision Marshall, the company manufactures and sells steel in
four product categories: Deluxe Alloy Plate, Deluxe Tool Steel
Plate, Precision Ground Flat Stock, and Drill Rod. Through its
subsidiary Vintage Stock, an award-winning entertainment retailer,
the company sells new and pre-owned movies, classic and current
generation video games and systems, music on CD & LP,
collectible comics, books, toys, and more. Vintage Stock, through
its stores and website, ships product worldwide directly to the
customer’s doorstep. Through its subsidiary Precision Industries,
the company sells premium tool steels and specialty alloys. Through
its subsidiary ApplianceSmart, the company sells new major
household appliances in the United States through a company-owned
retail store in Columbus, Ohio operating under the name
ApplianceSmart®. All Live Ventures companies are rooted in their
local communities where they contribute to the local economy and
serve as responsible corporate neighbors.
Contact:Live Ventures IncorporatedTim Matula,
Investor Relations(425)
836-9035tmatula@liveventures.comhttp://liveventures.comSource:
Live Ventures Incorporated
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