1847 Goedeker Repays $642,600 PPP Loan Early and in Full Citing Strong Business Results During Pandemic
November 05 2020 - 9:55AM
Business Wire
1847 Goedeker Inc. (NYSE American: GOED) (“Goedeker’s” or the
“Company”), a one-stop e-commerce destination for appliances,
furniture, home goods, and related products, today announced that
the company has repaid, in full, the Paycheck Protection Program
(“PPP”) loan issued on April 8, 2020. The repayment comes 17 months
ahead of the April 2022 maturity date.
“Consumers record online ordering on Goedekers.com and
increasing confidence in how we meet their appliance needs was in
part due to the use of the PPP funds to keep and expand our
full-time work force. Our success created an opportunity to Pay It
Forward by immediately repaying our PPP loan,” said Doug Moore, CEO
of Goedeker’s. “Since initially receiving funds in April, we have
added staff and significantly strengthened our balance sheet
through our July IPO, enabling us to repay the balance early and in
full. We are now in a great position ahead of our pending
acquisition of Appliances Connection which is expected to be a key
driver of our $400 million revenue projection for 2021.”
The PPP loan had a two-year term with 1.0% interest per annum.
Monthly principal and interest payments were deferred for six
months from the date of disbursement, resulting in a final payoff
amount of $646,241. There were no prepayment penalties.
About 1847 Goedeker Inc.
The Company is an industry leading e-commerce destination for
appliances, furniture, and home goods. Since its founding in 1951,
the Company has transformed from a local brick and mortar operation
serving the St. Louis metro area to a respected nationwide
omnichannel retailer that offers one-stop shopping for national and
global brands. While the Company maintains its St. Louis showroom,
over 90% of sales are placed through its website (www.goedekers.com). The Company provides visitors
an easy to navigate shopping experience and offers more than
185,000 items organized by category and product features.
Specialization in the home category has enabled the Company to
build a shopping experience and an advanced logistics
infrastructure that is tailored to the unique characteristics of
the market. Learn more at www.goedekers.com.
Forward Looking Statements
This press release contains “forward-looking statements” that
are subject to substantial risks and uncertainties. All statements,
other than statements of historical fact, contained in this press
release are forward-looking statements. Forward-looking statements
contained in this press release may be identified by the use of
words such as “anticipate,” “believe,” “contemplate,” “could,”
“estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,”
“potential,” “predict,” “project,” “target,” “aim,” “should,”
"will” “would,” or the negative of these words or other similar
expressions, although not all forward-looking statements contain
these words. Forward-looking statements are based on the Company’s
current expectations and are subject to inherent uncertainties,
risks and assumptions that are difficult to predict. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled “Risk Factors” in the final prospectus related to the public
offering filed with the Securities and Exchange Commission and
other reports filed with the Securities and Exchange Commission
thereafter. Forward-looking statements contained in this
announcement are made as of this date, and the Company undertakes
no duty to update such information except as required under
applicable law.
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Dave Gentry, CEO RedChip Companies Office: 1.800.RED.CHIP
(733.2447) Cell: 407.491.4498 dave@redchip.com
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