Major landlords look set to scupper New Look’s expectation that they will fall into line and agree to rents linked to stores’ turnover.
Sector commentators are saying that if New Look’s plans are not supported then its only remaining option will be to commence with a liquidation process.
Tellingly, landlords are now seriously questioning how they can possibly carry on shoring up their retail tenants’ businesses and are saying that the CVA process has been very badly abused in some quarters.
New Look has little over a week before the voting deadline for its CVA proposals.
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