Fitness equipment retailer Yoga Equipment, which is part of the stimulus program, is seeking $500 million to buy equipment and expand its distribution centers in California and Massachusetts.
The company will hire nearly 3,000 employees to work in its Boston distribution center, as well as at three other facilities in California, New York, and Massachusetts, according to the company’s filing with the Securities and Exchange Commission.
The funding would come from a $50 million stimulus grant that was announced last month.
The company said in its application that it would use the funds to expand its operations in the three states, and expand the locations of its distribution facilities.
A $25 million grant from the Federal Emergency Management Agency also supports Yoga Equipment’s expansion plans, as part of a broader $75 million federal stimulus program that has already helped the retailer grow.
Yoga Equipment’s $1.6 billion sales were the second-biggest sales increase in the company, with a $972 million increase over the previous year, according the company.
The business grew at a CAGR of 17% during the first three months of fiscal year 2020, which ended in October.
The growth came from a strong year-over-year performance in sales.
In addition to the stimulus funding, the company also expects to receive another $5 million in private funding.
“The financial situation at Yoga Equipment is improving as a result of the $1 billion in federal funds,” the company said.
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