New Look launches CVA and recapitalisation

New Look

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. 

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