PROVIDENCE – Citizens Bank has provided a $35 million credit facility to Luxury Brand Holdings Inc., parent company of the jewelry brands Ross-Simons and Sidney Thomas.
Luxury Brand Holdings, based in Cranston, borrowed the money for working capital and “general corporate growth purposes,” according to an announcement.
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Ross-Simons, established in 1952, is a multichannel global retailer of jewelry that operates out of its flagship store in Warwick. Sidney Thomas is a luxury jeweler based in Cranston.
“LBH has enjoyed a long relationship with the team at Citizens, and we are happy to have expanded our relationship with this new facility,” said James M. Speltz, president of Luxury Brand Holdings in a statement.
Speltz, a veteran of the retail industry, was named president of the company in January and tasked with overseeing all business activities. At the time, chairman and CEO Darrell S. Ross said Speltz would help the company expand its footprint.
A credit facility is a type of loan that – among other things – comes with revolving credit, and is typically used to generate capital over an extended period of time.
“At Citizens, we think about the needs of our clients from their point of view and offer holistic solutions that deliver the combined strength of the entire bank,” said Keith Kelly, president of Citizens Bank Rhode Island.
Kelly became president in May. He previous spent his career as a commercial banker working with middle-market and large companies.
“Providing asset-based lending credit facilities is just one of the ways that Citizens delivers substantial value for our clients at every stage of their business life cycle,” Kelly added.
Correction: An earlier version of this story misspelled James M. Speltz’s name.
Eli Sherman is a PBN staff writer. Email him at Sherman@PBN.com, or follow him on Twitter @Eli_Sherman.
