Embattled fashion retailer New Look has launched a company voluntary arrangement (CVA) in a bid to “rebase” its existing leasing portfolio.
In an announcement made today, New Look said that it would be launching a CVA in order to rebase leasing agreements across its store portfolio as part of a suite of measures unveiled to slash debts and refinance the business.
New Look chief executive Nigel Oddy said the retailer was launching a CVA “out of absolute necessity” due to the “significant” financial impact of the ongoing coronavirus crisis.
Alongside the CVA, New Look said it would also be launching a debt for equity swap on its current debts, seeking to lower those from £550m to £100m.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com 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:
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.