Some New Look landlords are unhappy following the retailer’s CVA proposal and the body that represents them, the British Property Federation, has accused the company of using its plan to “permanently rip up leases”.
Embattled New Look has unveiled its CVA proposal with the aim being to move most UK stores’ rent to a turnover basis to reflect the tough market. But it will be hard on landlords with rents falling sharply.
Struggling UK fashion retailer New Look has proposed a second major restructuring of its store estate in three years, asking for turnover-based rent deals as part of a package of measures to ensure its survival.
New Look is believed to be planning a second CVA with Deloitte expected to come on board as adviser this week. As part of the CVA, the company will be seeking new rent-linked lease contracts for 450+ stores.
Frasers’ execs may have been talking about potential store closures in recent periods, but the firm is also planning openings and has announced its first regional store since the pandemic began at Leicester's Fosse Park.
A group of 50 British lawmakers, retailers such as Marks & Spencer and New Look, and investors and NGOs called on Monday for urgent action to prevent the exploitation of garment factory workers in the United Kingdom.
UK retailers are urging strong government action as they deal with the Leicester garment factory scandal. The main company in the spotlight, Boohoo Group, and others are calling for a factory licensing system.
Retailer Esprit could face a boardroom fight as its biggest investor seeks to oust its CEO. He's currently leading a restructuring drive at the struggling firm that has seen it closing stores and exiting Asia retail.