New Look in talks with lenders to refinance £100m debt New Look New Look is reportedly in talks with its lenders to refinance £100m of debt amid a challenging time for the British fashion chain. New Look is understood to be working with advisers at Deloitte on exploring options for a term loan which ends its June 2024, according to reports in Sky News. Sources told the [...]
Where will I buy my knickers now? How closure of M&S Fenchurch Street will be lamented by City shoppers of all ages retail in the city The Marks and Spencer store on Fenchurch Street, on the corner of Gracechurch Street, is set to close on Friday 31 March. The store, which has been one of the City’s remaining department stores since the closure of the nearby House of Fraser on the corner of King William Street in 2018. Marks and Spencer [...]
New Look looks to slash 70 jobs at London and Weymouth head offices in further shift to digital Retail jobs High street retailer New Look has put 70 job roles at its head offices in London and Weymouth at risk of redundancy. According to reports first published in Drapers, the move is understood to be part of a wider examination of the business and could impact several departments across the locations. It’s understood that employees [...]
New Look CEO to step down from high street fashion chain June 6, 2022 The CEO of New Look, Nigel Oddy, will step down from the helm of the high street fashion chain. The retailer said a hunt to select a successor was “currently well-advanced”, with a further announcement to come in due course. Oddy navigated the company through two Company Voluntary Arrangement (CVA) restructuring processes and shuttered 39 [...]
Landlords vs retailers: What the New Look legal case means for future of CVAs May 10, 2021 New Look today defeated a legal challenge to its restructuring plan by a group of its landlords in a landmark case that experts say will clear the way for other retailers to use Company Voluntary Arrangements to combat the impact of the pandemic. The ruling is likely to deepen tensions between tenants and landlords, as [...]
New Look landlords lose legal battle against retailer’s restructuring plan May 10, 2021 New Look landlords have today lost their legal battle against the high street retailer’s restructuring plan. The High Court ruled against the group of landlords that had challenged New Look’s company voluntary arrangement. The retailer launched its second CVA within two years last September after its sales suffered during the coronavirus pandemic. New Look’s proposal [...]
A New Look for high street retail? Here’s what matters in the Covid-19 world September 16, 2020 It has been what Sir Alex Ferguson used to call “squeaky bum time” for fashion retailer New Look these past few days. On Monday it was being reported that British Land and Landsec, two of the chain’s biggest landlords, were preparing to vote against the proposed company voluntary arrangement (CVA) which would have switched the [...]
New Look to warn landlords it could collapse without further rent cuts September 12, 2020 New Look will warn landlords next week that it could go bust if it isn’t granted further rent cuts. The high street brand has almost 500 stores across the UK and employs more than 12,000 people. It is set to propose its second company voluntary arrangement (CVA) within two years after its sales suffered as [...]
New Look urges landlords to back restructuring plan after failing to find buyer September 9, 2020 New Look has urged its landlords to back its restructuring plans after the struggling high street retailer failed to attract a buyer. The company said this morning that some parties had expressed an interest in certain New Look assets, however no bid was received for the firm. New Look’s landlords and other creditors will now [...]
New Look launches restructuring plan to slash rents August 26, 2020 High street retailer New Look has asked landlords to change the way it pays rent on most of its stores in a bid to secure a £40m cash injection. The fashion chain launched a company voluntary arrangement (CVA), which involves resetting 402 stores to turnover rent to align rent payments with future performance. The turnover [...]