saves itself with $45 million in funding, the online urban sports store, has secured $45 million (£30 million) in new funding.

The new funds put the troubled on a firm financial footing. The latest round of funding has been secured as Boo prepares to announce what it says are strong financial results for the three months to April.

The bulk of the new money is understood to be coming from one of Boo's largest existing backers, Bernard Arnault. Arnault is chairman of the French luxury goods firm, LVMH, and it is his money that has kept the internet store afloat.

Last year, Boo raised a record $150.6 million (£100 million) to fund its launch. Aside from Arnault, investors included Goldman Sachs and the Benetton company, among others.

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus