Credit Markets “Frozen”? Not for Online Work Wear Retailer!
Fast growing e-retailer WorkingPerson.com lands $1.1MM convertible debt investment despite widespread credit freeze.
Executives of WorkingPerson.com, Working Person’s Store and its parent company, WPE Holdings, Inc. today announced the successful closing of a $1.1 million dollar convertible debt investment from the Agile Opportunity Fund, LLC of Melville, New York.
“We were very impressed with the strong growth numbers WorkingPerson.com has consistently posted over the past five years,” said David Propis, Manager of Agile Opportunity Fund. “Even this year, in the face of very challenging economic conditions, the Working Person’s team has racked up solid double digit growth. We’re happy to partner with them to help enable their continued growth.”
“As the economy squeezes the consumer, we’ve seen good traffic and conversion numbers as customers respond to our value pricing and promotional offers. And our customer loyalty metrics continue on a very positive trend,” said William Feeley, WPE Holding’s CFO.
“We have a wonderful team, a long history of trust and goodwill with our vendors, plus a great group of advisors, investors and employees who have worked with the Deniger family since 1995,” Feeley continued.
The work apparel and footwear multi-channel retailer was recently named to the “Inc. 500” ranking America’s 500 fastest-growing privately held companies. With a cumulative three year growth rate of 717%, The Working Person’s Store ranked 444 in the Inc. 500, and was also ranked 23rd on Inc. magazine’s “Top 100 Fastest Growing Retailers” list.
With physical retail operations located in Lakeville, Indiana and web fulfillment activities in Buchanan, Michigan, The Working Person’s Store has experienced exponential growth, providing working people across the U.S. and worldwide with a broad selection of work centric apparel, footwear and accessories.
The WorkingPerson.com web site has been recognized by Internet Retailer magazine as a “Top 500” online retailer for the last two years in a row, and more recently as one of Internet Retailer’s “Hot 100 Best Web Sites”.
About: The Working Person’s Store
Since 1995, The Working Person’s Store has grown into a leading multi-channel resource for quality work apparel, footwear and safety-gear from leading brands including Carhartt, Wolverine Boots and Shoes, Dickies Workwear, Carolina Boots, Dr. Martens, Timberland PRO, Wrangler and over a hundred other great brands. Details at WorkingPerson.com – Dedicated to the Working Person.
About: Agile Opportunity Fund, LLC
Launched in November 2007, Agile Opportunity Fund provides debt investments utilized for growth to small and microcap companies in numerous industries. Agile’s strategy of working closely with management and assisting each partner company is core to the success of the fund.
- Contact Information
- Eric Deniger
- Chief Executive Officer
- The Working Person’s Store
- Contact via E-mail
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