New Look's creditors will become its majority owners after the firm announced a deal to cuts its debt load by £1bn. And it also said that trading has been up and down in recent periods, but it thinks it's back on track.
New Look has admitted last year was very difficult as it revealed bleak trading results amid external and “self-inflicted” issues. However, it said its turnaround plan is on track to deliver stability for the new year.
New Look's CVA plan under which it will close 60 stores has received almost unanimous creditor approval, it said Wednesday. And it’s looking to the future with a new approach to pricing and faster product development.
New Look has officially announced its long-rumoured company voluntary arrangement (CVA) proposal with which it’s targeting a reduction in its store count and rent costs, and almost 1,000 jobs are at risk