Luxury fashion group Escada has arranged a E30m (£27m) refinancing package to help secure its survival. The company said it needed to raise the capital to cover liquidity demands and described the initiative as “urgent and unavoidable”.

As well as raising funds, Escada plans to cut its debt and replace a E200m (£179.7m) bond. As Retail Week went to press it was reported that the group was in advanced talks with a suitor to sell its Primera subsidiary, which runs mid- to upper-range brands.

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