New Look’s CVA has received the green light as the majority of creditors voted in favour of it. The retailer will now look to switch most of its stores over to turnover based rent agreements with some 68 secured on a three-year rent holiday basis with enhanced landlord break clauses.
The approval will now enable New Look to achieve the recapitalisation plans it announced on August 13th to get the business back on an even keel.
Nigel Oddy, New Look CEO said: “I would like to take this opportunity to thank our landlords and creditors for their support for our CVA, which, alongside the consequential financial restructuring that will now be progressed, will provide us with enhanced financial strength and flexibility, and a sustainable platform for future trading and investment.”
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