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Nasty Gal thrown a lifeline

US retailer Nasty Gal has reportedly received approval to use a $20m (£16m) loan to help it continue operating until a decision on its bankruptcy is made next month.

As previously reported by Drapers, Nasty Gal filed for Chapter 11 bankruptcy protection last week and founder Sophia Amoruso is resigning as executive chairman.

The firm secured the loan in November 2015 but its use was opposed by lender Hercules Technology Growth Capital, according to WWD.

Nasty Gal asked a judge to approve use of the money for expenses such as payroll and stock.

The online retailer was founded in 2006 and raised $65m (£51m) throughout its 10-year history, including a $16m (£12.6m) Series C funding round in 2015 and $40m (£31.7m) Series B in 2012.

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