Embattled fashion retailer New Look will need to convince at least 10 of its 20 largest landlord creditors to support its CVA or risk “Armageddon”.
A property source with understanding of the ongoing negotiations between New Look and landlords told Retail Week the fashion retailer will need to convince at least half of the largest institutional landlords and shopping centre operators to back the deal or it could fail.
“Of the smaller landlords, New Look will likely get 90% to vote yes, because they understand the alternatives,” he said.
“With the larger landlords, if you were to take the top 20 by size, if they got 10 of them then they’re probably in a good place. If they don’t, it’s probably going to come down to quite a fine margin.”
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