N Brown PLC (LON:BWNG) said trading has improved following the sudden plunge in March, though sales were still down 25% in the last six weeks.
That was better than the third week of March when revenue had dropped by 40%.
READ: N Brown takes emergency action after sales drop 40% in a week
The retailer said it has launched a standalone home brand, Home Essentials, with more detail is to come in its strategic brand review alongside the upcoming preliminary results.
The owner of JD Williams, Simply Be and Jacamo brands has secured a new three-year facility of up to £50mln and widened covenants to an existing £125mln revolving credit facility.
It also has a securisation facility of up to £500mln and an overdraft facility of £27.5mln.
Cash in the bank was £45mln as of Monday.
The firm has implemented cost-cutting measures, such as 80% reduction in marketing expenditure, the furlough of 30% of staff, recruitment and salary freezes and tax deferrals agreed with HMRC.
“With marketing costs cut back aggressively by 80%, the group is likely to remain profitable this year,” analysts at Peel Hunt commented.
Shares shot up 17% to 22p on Tuesday at the opening bell.