The parent company of Hackett's Hardware has secured $20 million in new financing.
That's according to a press release Monday morning from Seaway Valley Capital Corporation.
Hackett's has struggled since losing its line of credit and had to fend off an involuntary bankruptcy petition from several of its major vendors. It closed stores in Watertown and Pulaski.
The $20 million will be used to repay vendors and bank loans, and then expand Hackett's operations.
Some of will also be invested in two other companies owned by Seaway - Alteri's Bakery and Sackets Harbor Brewing Company.
"This funding, combined with ongoing debt restructurings, will allow Seaway to consolidate its capital structure, stabilize its portfolio companies and position them for continued growth. Management will work diligently to get the transaction registered in a timely manner," said Seaway CEO Tom Scozzafava.
