New Look will close 60 UK stores and cut 1,000 jobs after creditors approved a restructuring plan for the retailer.

The stores will close within 12 months and some staff may be redeployed.

The plan will cut the chain’s rents by between 15% to 55% across its remaining 393 stores. New Look says it was paying over the odds on many of its stores. But landlords may feel they’re the ones having to take a huge financial hit because of management failures.

Landlords may now use the break clauses allowed as part of this CVA to bring in new tenants willing to pay more rent.

 

If you are considering a company merger, acquisition, takeover or joint venture or are in the midst of a shareholder dispute or share capital transaction or need business advice please contact us.

 

Call 0161 624 6811 to speak to John Porter and Soibi Iketubosin in our Company/Commercial Department or email jap@wrigleyclaydon.com or si@wrigleyclaydon.com

The following two tabs change content below.
Shalish acts on behalf of both private individuals and commercial clients, bringing or defending claims in the High Court or the County Court. Shalish is fluent in Gujarati and will happily represent those for whom Gujariti is the first language, in English. Shalish is also able to advise and assist with negotiations to resolve disputes, avoiding the need for court proceedings. Shalish joined the firm 10 years ago, very shortly after he qualified as a solicitor. Shalish is a keen sportsman, regularly playing cricket and five-a-side football. He is also a self-confessed foodie, taking great pleasure in sampling different cuisines from around the world. Currently, Shalish is pursuing his interest in languages, attending evening Spanish lessons at a local college.