Winmark Corporation announced today that it has closed a $30.0 million line of credit with the PrivateBank and Trust Company.
The line of credit will be used for completing the previously announced redemption of Winmark’s Renewable Unsecured Subordinated Notes and for general corporate purposes.
Winmark Corporation creates, supports and finances business. At June 26, 2010, there were 889 franchises in operation under the brands Play It Again Sports®, Once Upon A Child®, Plato’s Closet® and Music Go Round® and there were 19 territories in operation under the Wirth Business Credit® brand. An additional 46 retail franchises have been awarded but are not open. In addition, at June 26, 2010, the Company had loans and leases equal to $35.4 million.