New Look Plans To File For Voluntary Bankruptcy Again
New look, a fast fashion brand, announced that it was preparing to submit its second CVA voluntary bankruptcy plan as part of a major restructuring.
In addition, new look will appoint Deloitte advisors this week to supervise the bankruptcy proceedings and will require landlords of more than 450 stores to accept new lease contracts to ensure that they pay rent based on the money generated by each store. It is understood that the CVA plan has been approved by new look bondholders, who agreed to cut the retailer's debt by 1 billion pounds last year.
New look first submitted CVA in March 2018, when it had to permanently close 60 stores and cancel 980 jobs.
About 98% of new look landlords agreed to change the quarterly rent from quarterly to monthly and reduced the rent of 393 stores by 15% to 55% as part of the CVA.
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