MORRISTOWN, Tenn.–Berkline/Benchcraft, a leading manufacturer of upholstered furniture, has entered into a new asset-based credit facility with a subsidiary of Wells Fargo and Wachovia Capital Finance Corp. Financial details were not provided.
Proceeds will be used to refinance current obligations and for “general corporate purposes.”
During the past year, the furniture company has shut or consolidated four facilities; inked a deal with Leggett & Platt to develop new reclining mechanisms; and increased sourcing and offshore operations.
