Landlords vs retailers: What the New Look legal case means for future of CVAs 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 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 A New Look for retailers? Here’s what matters in the post pandemic world 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 [...]
New Look appoints ex-House of Fraser boss as CEO December 12, 2019 New Look has appointed former House of Fraser boss Nigel Oddy as chief executive, filling the top job for the first time in more than two years. Oddy, who joined the retailer as chief operating officer in April this year, will take on the role from the beginning of January 2020. Read more: New Look [...]
Virgin Active and Iceland investor Brait to offload assets November 27, 2019 South African investment firm Brait, which owns stakes in New Look, Iceland and Virgin Active, has announced a financial restructuring plan that will see it offload its assets. Shares in the Johannesburg-listed company plunged more than 15 per cent after it unveiled plans to sell off its assets in a bid to reduce debts and [...]
New Look losses shrink despite dip in sales November 12, 2019 New Look narrowed its losses in the first half of the year, despite a decline in sales caused by the ongoing challenges facing the UK high street. The figures The retailer reported that its statutory loss before tax was £11.2m, compared to a loss of £41.9m in the first half of last year. Revenue fell [...]
New Look sales drop due to ‘unseasonable’ weather September 11, 2019 New Look sales plunged in the first quarter as the retailer battled challenging high street conditions. The figures Core like-for-like sales were down 10.1 per cent, which the company blamed on lower footfall due to “highly unseasonable weather” and consumer uncertainty. Read more: New Look posts £500m loss as turnaround continues Total revenue was £238.3m in [...]