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Knitting / Apparel

Tarrant Obtains Factoring Facility, Sells Mexican Assets

Tarrant Apparel Group, Los Angeles, has obtained approval from GMAC Commercial Finance for a three-year factoring facility worth $45 million. The new facility replaces Tarrant's previous one worth $90 million.

"The new facility will be one by-product of managements reduction of the huge working capital requirements for Mexico, and fits the needs of the trading model to which we are returning," said Gerard Guez, chairman, Tarrant Apparel.

The company has sold almost all of its assets and real property in Mexico to Tarrant shareholder Kamel Nacif, who formerly leased the assets and property. Tarrant has agreed over a 10-year term to purchase annually at negotiated prices $5 million worth of fabric manufactured at the facilities acquired by Nacif.

December 2004