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.
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