New Look considering a CVA


New Look considering a CVA

New Look is understood to be in talks with landlords of its 600 UK stores in a bid to reduce some of its commitments in the wake of disappointing peak season sales. For the 39 weeks to 23 December, total group revenue had fallen by 6.3 per cent to £1.1bn, which, like-for-like equated to a drop of 10.6 per cent. Online sales were also impacted by heavy discounting. A CVA has not been ruled out by the Brait owned chain as it seeks to shutter around 60 stores and work to reduce its debts.  New Look is the latest in a flurry of retailers forced to seek the support of its creditors following a most brutal trading period.

 

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