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 email@example.com or firstname.lastname@example.org
Latest posts by Shalish Mehta (see all)
- Dua Lipa facing fresh copyright lawsuit over hit song Levitating - 5th August 2023
- Budget retailer Wilko on brink of collapse with 12,000 jobs at risk - 3rd August 2023
- Three brothers win court battle with tennis coach sister over mother’s £1m will - 29th July 2023
- Virgin Media O2 announces plans to slash up to 2,000 jobs - 26th July 2023
- Burger van chef wins fight to keep £5m inheritance from customer - 21st July 2023