New Look is facing an uphill battle in convincing landlords to vote in favour of its CVA, with many store owners growing increasingly disgruntled about the retailer’s perceived lack of transparency in negotiations.
Retail Week understands that, despite asking landlords to move to turnover-based rents on the vast majority of its store estate, New Look is not freely offering individual store sales data.
As a result, landlords argue that it is impossible to make an informed decision on how to vote in the proposed CVA, while some claim the retailer is being deliberately obstinate in negotiations.
One source said: “We aren’t adverse to a change in the leasing model. Nor are we blinded to the facts of what’s going on on our high streets. But where those changes are needed, agreements need to be reached through consensual negotiations.
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