THE RETAIL BULLETIN - The home of retail news
Lest we forget
Click here
Home Page
News Categories
Commentary
CX
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Uncategorized
Retail Events
People in Retail Awards 2024
THE Retail Conference
Retail Ecom North
Retail HR North 2025
Retail Omnichannel Futures 2025
Retail HR Central 2025
The Future of The High Street 2025
Retail Ecom Central
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
New Look announces major finance restructuring

Fashion retailer New Look has announced a major restructuring of its finances as it battles against the effects of the coronavirus pandemic The plans will involve the company launching a… View Article

FASHION RETAIL NEWS UK

New Look announces major finance restructuring

Fashion retailer New Look has announced a major restructuring of its finances as it battles against the effects of the coronavirus pandemic

The plans will involve the company launching a CVA to help reduce its rents. It will also cut its debts from £550 million to £100 million through a debt for equity swap and inject £40 million of new cash into the business.

Nigel Oddy, New Look chief executive, said: “As has been the case for many retailers, New Look’s financial position has been significantly impacted by Covid-19, and over the past five months we have had to take a number of tough but necessary decisions and actions to manage the impact this has had on our business and our people.

“We are pleased to have already gained backing from our banks and bondholders for our recapitalisation, and we are grateful for their support and the concessions they have made over recent times. However, this recapitalisation – which will enable us to deliver our long-term strategic plans and safeguard 12,000 jobs – can only be delivered if we secure the support of our landlords for our forthcoming CVA.”

New Look has now reopened 459 stores after the Covid-19 lockdown but said current trading is still being impacted by a decline in footfall, although online sales have been strong.

Oddy added: “New Look is a brand that has inspired tremendous loyalty over the past 50 years and has earned its place as one of the UK’s leading womenswear retailers. We are confident in our plans to build on these strong foundations with our revitalised broad appeal product ranges, and this transaction will allow us to secure our future for the benefit of all.”

Subscribe For Retail News