Press release
Shoe Carnival Further Enhances Financial Liquidity
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of moderately priced footwear and accessories,
About this update from Shoe Carnival, Inc.
[{"type":"text","content":" EVANSVILLE, Ind.--(BUSINESS WIRE)--\nShoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of moderately priced footwear and accessories, today announced it has exercised the accordion feature of its credit agreement with Wells Fargo Bank, N.A. and Fifth Third Bank, National Association to further enhance its financial liquidity position. The exercise, which closed on April 16, 2020, resulted in an increase of the Company’s line of credit from $50 million to $100 million. The Company currently has no cash borrowings under the facility.\n\n\n“As we have communicated, our strong financial position has been a key competitive advantage for us through various cycles. However, out of an abundance of caution in light of the prolonged uncertainty in the macro-economic environment driven by the COVID-19 pandemic, we expanded our line of credit to ensure greater flexibility as we navigate current market conditions. We would like to thank Wells Fargo and Fifth Third Bank for their continued support of Shoe Carnival and our business operations,” said Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.\n\n\nUpdates regarding the Company’s store operations will be available on the Company’s website www.shoecarnival.com.\n\n\nAbout Shoe Carnival\n\n\nShoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national name brands. As of April 16, 2020, the Company operates 390 stores in 35 states and Puerto Rico, and offers online shopping at www.shoecarnival.com. Headquartered in Evansville, IN, Shoe Carnival trades on The Nasdaq Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at www.shoecarnival.com.\n\n\nCautionary Statement Regarding Forward-Looking Information\n\n\nThis press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties, including, but not limited to, statements regarding our financial liquidity position and other statements regarding the impact of COVID-19 on our operations. A number of factors could cause our actual results, performance, achievements ...