New Look CVA gets green light from landlords saving over 11,000 jobs

New Look

New Look has had its company voluntary arrangement (CVA) seeking to move over 400 of its stores on to turnover-based rents approved by creditors, saving over 11,000 jobs.

The retailer said the CVA had “been approved by the requisite majority” of more than 75% of creditors, including a swathe of disgruntled landlords, at the vote which took place on the proposed measure today. 

Along with moving 402 of its stores over to turnover-based rent agreements of up to 12%, the passage of the CVA means that New Look has also completed a contingent debt-for-equity swap, reducing debt from over £550m to around £100m. 

The retailer has also agreed an extension on its primary working capital facilities with its lenders and a cash injection of £40m to support its turnaround plan. 

Subscription content

Please sign in now if you have a subscription or are already registered with us.

Retail Week

Register for free to continue reading provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.

Register today for a taste of our high-quality intelligence and enjoy:

  • Two free article views per calendar month on
  • Detailed analysis of current trends and events 
  • Exclusive newsletters
  • In-depth reports, videos, interviews and much more

Discover Retail Week register now

Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.