Steely Resolve Manufactures Strong Results
With a storied history as one of the premier furniture manufacturers in the world and more than 1,600 global associates, the publicly traded furniture company needed a financial partner with the strength and agility to support fast-paced growth opportunities.
"It’s their people, their integrity and their character—that’s what they bring and what sets them apart."
—Chief Financial and Operating Officer, Furniture Manufacturing Company
Like most organizations during the pandemic, difficult decisions had to be made within the company to remain durable, including cutting non-core business lines, closing underutilized facilities and shedding fixed structure costs. Then, retail stores began to reopen and demand for furniture products surged.
Fortunately, as they were assessing their decisions for business continuity, the company established a new partnership with our bank to provide the working capital and financing they needed to harness growth opportunities.
"Our bank team was highly responsive to engaging in the potential opportunity to support our company and was very collaborative throughout the loan agreement," said the company’s chief financial and operating officer. "Inventory is crucial to supporting aggressive growth aspirations, and our bank could provide short-term funding to support strategic inventory investments."
"At the end of the day, people and relationships make the difference. If there is an issue or I have an urgent need, I know I can trust our bank team to be part of the solution. They will do the right thing that is in our best interest."
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Source: HTLF 2020 Annual Report
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