$750,000 Loan Closing for Suit Company Inc.
Philadelphia – Angel Rosario, Director of Community Lending, Lancaster, joins representatives from Suit Corner LLC, to close a $750,000 loan to refinance a loan from a predatory lender. The refinanced real estate loan and business lines of credit will be critical in helping Suit Corner LLC achieve its revised business plan and continue to serve its community.
Suit Corner is a Philadelphia urban men’s clothing store on Market Street in Center City Philadelphia near Penn’s Landing, Olde City, Society Hill, Independence Mall, and the National Museum of American Jewish History. Suit Corner sells men’s fashion and employs a full-time tailor to help clients get their orders quickly. The business has been open for over 60 years.
The business initially started as a manufacturing business that made Rooster (brand) ties and shipped them to department stores all over the northeast. The business grew to include three stores
next to each other. In March 2014, three generations of the family business came tumbling down. The famed Shirt Corner at 3rd and Market Street collapsed during a controlled demolition. A month later, tragedy struck again when the family’s sister business, the Suit Corner, was set ablaze. By May 2014, the business had reopened a block down the street and continued to succeed.
In June 2020, more than six years after the fire, the business re-opened at their original
location. Gone is the corner building in favor of a smaller, modern storefront at 302 Market Street, known simply as the Shirt Corner again.