FASHION retailer New Look is attempting to secure zero rent on 68 of its larger UK stores – thought to include at least two in Northern Ireland – as it formally launched a major restructuring plan to safeguard 11,200 jobs.
Earlier this month, it confirmed it was undertaking a company voluntary arrangement (CVA) deal to cut its shop rents and debt pile.
And it has now said it will field a vote on the CVA on September 15 after sealing a £440 million debt-for-equity swap.
New Look, which has more than 30 outlets in Northern Ireland, said it has also secured £40 million in new cash to provide it with financial stability to support it for post-Covid trading.
It is asking creditors to back a CVA proposal which would see 402 of its stores move on to turnover-based rents (at a maximum 12 per cent) to support the company as
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