Business
Five Below Announces Initial Store Re-openings
Also announces $225 Million Line of Credit and Other Actions in Response to COVID-19 PHILADELPHIA, PA, April 29, 2020 (GLOBE NEWSWIRE) -- Five Below, Inc.
About this update from Five Below, Inc.
[{"type":"text","content":"Also announces $225 Million Line of Credit and Other Actions in Response to COVID-19\nPHILADELPHIA, PA, April 29, 2020 (GLOBE NEWSWIRE) -- Five Below, Inc. (NASDAQ:FIVE), the trend-right, high-quality extreme-value retailer for tweens, teens and beyond, today provided an update on operations and announced additional measures it is taking in response to the current business environment created by COVID-19.\n “As certain states and localities update their restrictions, we are beginning the process of reopening our stores and reconnecting with our customers,” said CEO Joel Anderson. “We opened 17 stores in Arkansas, Iowa and Nebraska last week, with another 100 plus stores opened in five additional states this week, and expect many more to open in the first half of May. Given the uncertainty around consumer behavior and traffic, we will continue to be disciplined in our approach, maintaining our focus on expense reduction and diligent management of cash and liquidity.” “To help maintain the health of our crew and customers, which remains our primary focus, we have implemented safety measures, in line with the recommendations of public health agencies, including requiring all of our Wow Crew to wear face coverings, increasing cleaning procedures in stores and providing signage to remind our customers and Wow Crew of the importance of social distancing and good hygiene. Our stores are set for summer, and our associates are ready to safely welcome customers back to ‘Kick Start the Fun Again!’ The Company plans to open additional stores over the coming weeks, as local conditions permit, with a goal of having the majority of Five Below stores open to the public by early June. Additionally, the Company launched a new service, offering curbside pick-up, starting with approximately 40 stores in Florida, Tennessee, California and Texas, and plans to expand to hundreds of stores this week. Specific information about store hours can be found on https://locations.fivebelow.com. New $225 Million Line of Credit The Company also announced that it has entered into a new three-year $225 million asset-based revolving credit facility with Wells Fargo, as administrative agent, and other lenders. This new credit facility replaces the Company’s prior $50 million credit facility with Wells Fargo. Ken Bull, CFO of Five Below, stated, “We are pleased to ha...