High Street retailer New Look will be in High Court today, hearing the case against its CVA deal.
It’s understood that four landlords, including British Land and Land Securities (Landsec), are challenging the terms of the restructuring deal that was agreed by the majority of New Look’s creditors last year.
The terms of the arrangement meant most of New Look’s shops were switched to turnover-linked rent. With landlords of some 68 stores receiving no rent for three years, and, according to reports, only around 2 per cent of turnover on hundreds of others.
According to The Times, the Landlords contend that the retailer should pay a “bare minimum market rent” on its stores.
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