Levitz Home Furnishings, Inc. Announces Initiatives to Strengthen Its Business.

Secures $40 Million in Additional Capital

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WOODBURY, N.Y., May 3 /PRNewswire/ — Levitz Home Furnishings,

Inc., parent Company of Levitz and Seaman’s furniture stores,

(“the Company”) today announced that its board of directors

has approved a revitalization plan that will incorporate the

Seaman’s brand into its Levitz furniture stores and secure an

additional $40 million to accelerate its growth strategy. These

initiatives will allow the Company, one of the country’s largest

furniture retailers, to leverage its scale in an effort to secure a more

profitable, stronger and growing position in the home furnishings market

in the Northeast and on the West Coast of the United States The “West Coast“, “Western Seaboard“, or “Pacific Seaboard” are terms for the westernmost coastal states of the Western United States, comprising most often California, Oregon and Washington. .


GE Commercial Finance has committed to provide the Company with $20

million in borrowing capacity under its existing loan facility. The

Company’s majority equity owner, Resurgence Asset Management, a

leading private equity firm, will provide a further $20 million of

preferred equity investment to support the business revitalization

program.


“This program is the logical next step for the Company and

will provide us an excellent opportunity to grow as well as improve our

service to our customers,” said Levitz Home Furnishings President

and acting Chief Executive Officer C. Mark Scott Mark Scott may refer to:

  • Mark Scott (composer) (b. 1984) American composer from Texas
  • Mark Scott (singer), semi-finalist on American Idol season 1
  • Mark Scott (radio host) (1936 – 2005) American talk show host
. “By showcasing

the best of Seaman’s products in Levitz stores, we expect to

improve significantly our cost structure and capitalize on Cap