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Letter to the Editor
Monday August 18
Earl Scheib Closes $10 Million Credit Facility with Wells Fargo Foothill
Earl Scheib, Inc. has closed a $10 million secured revolving credit facility with Wells Fargo Foothill.Chris Bement, President and Chief Executive Officer, stated, "We continue to focus our efforts to serve the best interests of our shareholders and maximize shareholder value. This $10 million credit facility will provide increased financial flexibility for the Company as we and our investment bankers, Ryan Beck & Co., evaluate alternatives to improve shareholder value and the Company's long-term outlook."
Earl Scheib, Inc., founded in 1937, is a nationwide operator of 120 retail auto paint and body shops located in approximately 100 cities throughout the United States.
Wells Fargo Foothill, a part of Wells Fargo & Company, is a provider of senior secured financing to middle-market companies throughout North America.
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