Citizens Bank announced that Citizens Commercial Banking is providing a $35 million credit facility to Retail Concepts, which operates 33 retail stores and an ecommerce website under the name Sun & Ski. Citizens is the sole lender and administrative agent.

Founded in 1980, Retail Concepts’ stores are located in 13 states primarily in the southern and eastern United States.  Originally a ski and snowboard shop that sold cycling and outdoor gear in the summer, Sun & Ski has grown to include stores dedicated to satisfying the needs of a wide array of active lifestyle customers.  East Coast store locations focus spring and summer season on patio and outdoor furniture and accessories.

A new Citizens client, Retail Concepts will use the new funds to pay off existing debt, grow the retail store base and online platform, and for working capital and general corporate purposes.

“We appreciate the expertise of the team at Citizens,” said Frank Stanley, co-owner and CFO of Retail Concepts. “They brought great ideas to the table and were able to execute this transaction very quickly and seamlessly.”

“Retail Concepts is a great new client for Citizens and we’re happy to have been able to make this deal happen quickly for them,” said Chris Carmosino, president of Business Capital at Citizens Bank. “Providing asset-based lending revolving credit facilities is just one of the ways that Citizens delivers value for clients at every stage of their business life cycle.”

Citizens is positioned as a strategic and financial partner, offering deep expertise, great ideas and seamless deal execution. The Citizens Commercial Banking approach puts clients first, and offers solutions that help clients make the best decisions throughout the life cycle of their business.