SureCutShears Free Essay, Term Paper and Book Report
Issues at SureCut Shears:
David Fisher called up the senior loan officer of Hudson National Bank, Michael Stewart to tell that SureCut Shears financial health didnt allow it to liquidate the short-term seasonal loan of $1.25 mn which it had taken from the bank. The sequence of events leading up to this:
June 1995 Arranged a line of credit of $3.5 mn to cover seasonal high demand in the fall which Mr Fischer anticipated to repay by December 1995.
Sept 1995 SureCut asks for another $500,000 to cover peak seasonal needs which mainly became necessary due to higher expenditures for plant modernization than initial estimation.
Jan 1996 Mr Fischer informs Michael Stewart that due to slackened sales and general downturn in retail industry, SureCut needed more short term borrowings.
April 1996 Mr Fischer calls up the bank to say that SureCut will not be able to liquidate the short-term borrowing of $1.25 mn.
Although Mr Stewart did not see much problem with extending the loan funds, a careful examination of the balance sheets and income statements of SureCut Shears ......
Word Count: 1253
Page Count: 5 (250 words a page / double spaced)
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