Crocs has entered into a new asset-backed revolving credit facility with financial services group PNC which provides for up to $30 million in revolving loans. Some of the footwear firm’s subsidiaries were co-borrowers under the agreement.

“This new asset-backed credit facility provides us with additional liquidity and flexibility as we continue to invest in our strategic initiatives and facilitate the company’s turnaround,” said Russ Hammer, chief financial officer. “We are pleased with our ability to secure this new agreement, particularly in this economic climate, and believe it underscores the confidence we and our lender have in our future as a strong global brand.”

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