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Creditors of New Look Back Restructuring Plan

The British fashion retailer will receive turnover-based leases at 402 stores to help it weather the coronavirus crisis.

Reuters

15 September 2020

LONDON, United Kingdom — Creditors of struggling British fashion retailer New Look approved its latest restructuring plan at a meeting on Tuesday, safeguarding the firm's immediate future, it said in a statement.

The company voluntary arrangement (CVA) plan involved landlords agreeing new turnover-based leases at 402 stores to help get the retailer through the coronavirus crisis.

At the meeting the CVA was approved by the requisite majority of New Look's unsecured creditors, it said.

By James Davey; editor: Kate Holton.

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