New Look to switch 402 stores to turnover rent under new CVA proposal

// New Look announces CVA proposal & confirms financial restructuring
// Retailer seeks to move majority of UK stores’ rent to turnover basis to reflect market environment
// The CVA proposal does not affect New Look’s 11,200-strong workforceNew Look has launched a CVA proposal that entails switching more than 400 of its UK stores to a turnover-based rent model, and also confirmed a financial restructure to reduce its costs after sales were hit by the coronavirus pandemic.
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