<PAGE>

                                                                    Exhibit 10.4

                                JOINDER AGREEMENT
                                -----------------


     This Joinder Agreement is dated as of October 31, 2000, by and between the
Store Guarantors that are signatory hereto (the "New Store Guarantors") and
General Electric Capital Corporation, a New York corporation ("Agent").

     WHEREAS, Agent, certain Lenders signatories thereto, Wilsons Leather
Holdings Inc., a Minnesota corporation ("Borrower") and certain Loan Parties
that are Affiliates of Borrower are parties to a Credit Agreement dated as of
May 25, 1996 (as amended and restated as of May 24, 1999 and further amended and
restated as of Ocober 31, 2000 and as the same may be further amended, restated,
supplemented or otherwise modified from time to time, the "Credit Agreement");

     WHEREAS, certain Credit Parties, designated as Store Guarantors, entered
into a Store Guarantors' Guaranty dated as of May 25, 1996 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the
"Store Guarantors' Guaranty"), a copy of which is attached hereto as EXHIBIT A;

     WHEREAS, under the terms of the Credit Agreement and the other Loan
Documents, Subsidiaries of Ultimate Parent are required to guarantee the
Obligations of Borrower; and

     WHEREAS, the New Store Guarantors derive direct and indirect benefits from
the Loans and other financial accommodations provided by Agent and Lenders to
Borrower;

     NOW, THEREFORE, for and in consideration of the benefits and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1. JOINDER IN GUARANTY. The New Store Guarantors hereby guarantee payment
and performance of the Obligations in accordance with the terms of the Store
Guarantors' Guaranty, which is incorporated herein by reference.

     2. GENERAL. The New Store Guarantors agree to comply with and be bound by
the terms of the Store Guarantors' Guaranty as fully as if they had been a
signatory thereto on the date that such documents were originally executed and
delivered by the other Credit Parties that are parties thereto.

     3. DEFINED TERMS. Except as otherwise defined herein, all defined terms
herein shall have the respective meanings ascribed thereto in SCHEDULE A to the
Credit Agreement.
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Joinder Agreement as of the date set forth above.

                                       GENERAL ELECTRIC CAPITAL CORPORATION


                                       By: /s/ GEOFFREY K. HALL
                                           -------------------------------------
                                       Name: GEOFFREY K. HALL
                                             -----------------------------------
                                       Title: DULY AUTHORIZED SIGNATORY
                                              ----------------------------------


                                       STORE GUARANTORS:

                                       EL PORTAL GROUP, INC.


                                       By: /S/ DANIEL R. THORSON
                                           -------------------------------------
                                       Name: DANIEL R. THORSON
                                             -----------------------------------
                                       Title: TREASURER
                                              ----------------------------------


                                       WWT, INC.


                                       By: /s/ DANIEL R. THORSON
                                           -------------------------------------
                                       Name: DANIEL R. THORSON
                                             -----------------------------------
                                       Title: TREASURER
                                              ----------------------------------


                                       TRAVELSUPPLIES.COM, LLC



                                       By: /s/ DANIEL R. THORSON
                                           -------------------------------------
                                       Name: DANIEL R. THORSON
                                             -----------------------------------
                                       Title: TREASURER
                                              ----------------------------------


                                       2
<PAGE>

                                                                    Exhibit 10.4

                                    EXHIBIT A
                                    ---------

                           STORE GUARANTORS' GUARANTY