New Look seeks 60% store rent reduction to tackle £1.2bn debt

Fashion chain wants to dump loss making units and agree a deal with landlords to stay afloatNew Look wants its landlords to slash store rents by up 60% as part of a rescue plan drawn up by the loss-making retailer to tackle its £1.2bn debt.The fashion chain is seeking a company voluntary arrangement (CVA), a legal agreement which would enable it to jettison loss-making stores and agree rent reductions with landlords. Continue reading...