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Everlane Secures $25 Million Loan from Gordon Brothers

Everlane's loan will help the company shore up its growth plans over the next ten years.
Everlane's loan will help the company shore up its growth plans over the next ten years. (Jenna Stokes)

The investment firm announced the financing on Wednesday.

In September, Everlane’s financial partners announced that the direct-to-consumer apparel seller had secured $65 million in revolving credit from CIT Northbridge, along with a $25 million loan from an undisclosed financial partner. At the time, the brand’s founder and executive chairman Michael Presyman said it plans to open more stores and develop new products. The financing also comes as Everlane looks to turn itself into a traditional fashion brand by releasing seasonal collections instead of product drops.

Gordon Brothers historically specialised in liquidating the assets of bankrupt retailers, but has expanded into financial services and brand management in recent years. In 2020 it provided a $13 million loan to Moda Operandi, and in 2017 it acquired the fast fashion retailer Wet Seal, which it relaunched as an online brand.

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