Meeting strategic business objectives with asset-based lending
The Walking Company (TWC) is an omni-channel retailer with a unique focus on providing comfortable footwear for all aspects of life. Today, TWC operates more than 200 retail locations across the United States and has a growing e-commerce platform.
TWC began in 2001 under Big Dogs Holdings, Inc. (Big Dog). Big Dogs was founded in 1992 and is known for manufacturing and distributing sportswear, gifts, and accessories. Co-founder, Andrew D. Feshbach, and CFO, Roberta Morris, began working with Wells Fargo Capital Finance to help support their growth strategy after years of success throughout the 90’s. In addition to organic growth initiatives, Mr. Feshbach was interested in making an acquisition to avoid stagnation and expand the product assortment. In 2004, Wells Fargo Capital Finance introduced Big Dogs to TWC, which had filed for bankruptcy. Big Dogs completed the acquisition of TWC with financing support from Wells Fargo Capital Finance. Big Dogs subsequently renamed the holding company, The Walking Company.
Similar to other retailers in the economic downturn, TWC found itself with top line pressures and inflated lease obligations. TWC decided to move forward with an in-court restructuring and successfully emerged in 2010. Wells Fargo Capital Finance provided the financing throughout the process without interruption. Today, Wells Fargo Capital Finance provides TWC a $45 million senior secured revolving credit facility and a $12 million senior secured term loan facility.