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Zappos.com, an online marketplace for shoes, bags and apparel, had just bought a multimillion dollar, state-of-the art fulfillment system to improve customer service in May 2008 when the credit crunch began, and the importance of that expended cash shot up. So the company’s treasury engineered a sale-leaseback deal for the new equipment and recaptured that cash, which it quickly converted to credit capacity by paying down its revolver balance.

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