It is being widely rumoured that New Look may be sold to Boohoo, joining Karen Millen, Warehouse and Oasis. Store landlords have been sceptical about New Look’s CVA proposals which were geared toward achieving a rent-free period of three years on 68 stores, and store rents being linked to sales of all others. The fashion chain has been unable to find a new investor or buyer as a going concern and if the CVA is not approved it will likely enter administration.
If the brand is sold out of administration to Boohoo, or indeed another similar entity all stores would inevitably close leaving some 11,000 employees without jobs and a trail of debts.
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