Turnaround firm Hilco Capital has extended £15 million of funding to French Connection to enable the fashion retailer to continue to trade. The working capital facility is based on a two year term.
The retailer has re-opened its stores but says that there has been significantly reduced footfall. “We are seeing sales volumes grow week by week, s further relaxation of the lockdown continues, however, we anticipate this to be a gradual process, especially in larger cities,” the business said. It has however enjoyed a 15 per cent increase in online sales from the UK and the USA across the past 15 weeks and has said that wholesale orders proved to be better than expected.
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