A lot of people have had to swallow bitter pills to help safeguard the future of New Look. Now one final group, landlords, is being asked to share the harsh medicine.
New Look, which had already undertaken a CVA a couple of years ago, has been forced to trigger the process once again in the wake of the Covid-19 pandemic – a crisis that threw turnaround plans awry as trading went into a tailspin.
In support of the retailer’s recovery ambitions, lenders are switching debt for equity. Their status as senior debt holders will be diluted, along with New Look’s debt burden, which will reduce 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.