FULLBEAUTY Brands Holdings has completed a financial restructuring to emerge from chapter 11 bankruptcy with around $35m in new financing.

The company has cleared approximately $900m of debt during the bankruptcy process.

In January 2019, the fashion brand signed a comprehensive restructuring support agreement with its key stakeholders, including equity sponsors Apax Partners and Charlesbank Capital Partners, in an effort to reduce the debt.

Now that the company has emerged from bankruptcy, affiliates of Apax Partners and Charlesbank Capital Partners will now acquire minority stakes for their advisory services to the reorganised company.

The Citizens Bank will also offer a new asset-based loan to the company.

“The market for plus-size apparel is growing faster than the apparel market overall.”

FULLBEAUTY CEO Emilie Arel said: “Through the restructuring, we have strengthened our balance sheet and gained additional financial flexibility. Going forward, FULLBEAUTY is well-positioned to create sustainable value for our stakeholders, including customers, employees, suppliers, business partners and lenders.

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“FULLBEAUTY has highly relevant brands and our new owners share our confidence in the power and potential of those brands.

“The market for plus-size apparel is growing faster than the apparel market overall, and FULLBEAUTY in particular benefits from our position at the high end of the size curve, as well as our ability to drive strong results without the burden of brick and mortar retail stores.”

The retailer has enhanced its merchandise assortment, expanded distribution and rationalised costs as part of the restructuring process.

Kirkland & Ellis, PJT Partners and AlixPartners served as advisors to the company during the restructuring and assisted it to obtain court approval for the reorganisation plan.