CIT Credit Facility for Trina Turk
New York–based commercial finance company CIT Group Inc. announced its CIT Commercial Services unit has provided a senior secured credit facility to Alhambra, Calif.–based design company Trina Turk.
The funds will support a previously announced growth investment in Trina Turk by private-investment company KarpReilly LLC.
“We are pleased to support fashion icon Trina Turk in her expansion efforts,” said John Daly, president of CIT Trade Finance, in a statement. “This transaction underscores our commitment to the fashion and apparel industry and our dedication to supporting clients with financing solutions that help them achieve their business goals.”
The credit facility and KarpReilly’s investment will help grow the company. The brand, founded in 1995, sells in upscale department stores such as Nordstrom, Neiman Marcus and Bloomingdale’s, as well as specialty boutiques nationwide. Trina Turk also operates three eponymous retail stores—located in Palm Springs, Calif.; Los Angeles; and New York—and plans to open two more California stores in Burlingame and at Fashion Island in Newport Beach later this year.
A new Trina Turk home deacute;cor store recently opened adjacent to the company’s Palm Springs store. And a new interior-fabric collection, produced under a licensing agreement with Schumacher, will launch for Spring 2009. —A.A.N.
