Reuters: Small Business News: Lawson Products cuts jobs, has new credit facility

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Lawson Products cuts jobs, has new credit facility Jun 28th 2012, 12:00 Thu Jun 28, 2012 8:00am EDT (Reuters) - Industrial products distributor Lawson Products Inc (LAWS.O), facing growing competition and sliding sales, said it would eliminate about 100 jobs and take other steps including cutting marketing and shipping costs to save about $20 million a year. Lawson said it would take a one-time severance charge of about $7 million in the second quarter as well as a non-cash goodwill impairment charge of $28 million and a non-cash $5 million charge related to inventory reserves. The company, whose larger rivals include WW Grainger Inc (GWW.N) and Fastenal Co (FAST.O), said it has received a commitment for a five-year $40 million credit facility that will replace an existing facility and provide the company with greater flexibility to meet its financial commitments. Shares of the company, which have fallen more than 40 percent this year, closed at $8.95 on the Nasdaq on Wednesday.

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