This is its first asset-backed facility
Jeweler David Webb LLC just received a $20 million revolving credit facility from Citizens Commercial Banking, parent Citizens Bank said in a statement.
David Webb will use the funds for new store growth, working capital, and general corporate purposes, according to the statement.
The designer brand has boutiques in New York City and Beverly Hills, Calif., and it also sells wholesale.
This is the company’s first asset-based credit facility, co-owner Mark Emanuel said in a statement.
Emanuel bought David Webb in 2010.