New Look Plans To File For Voluntary Bankruptcy Again
New look, a fast fashion brand, announced that it was preparing to submit its second CVA voluntary bankruptcy plan as part of a major restructuring.
In addition, new look will appoint Deloitte advisors this week to supervise the bankruptcy proceedings and will require landlords of more than 450 stores to accept new lease contracts to ensure that they pay rent based on the money generated by each store. It is understood that the CVA plan has been approved by new look bondholders, who agreed to cut the retailer's debt by 1 billion pounds last year.
New look first submitted CVA in March 2018, when it had to permanently close 60 stores and cancel 980 jobs.
About 98% of new look landlords agreed to change the quarterly rent from quarterly to monthly and reduced the rent of 393 stores by 15% to 55% as part of the CVA.
- Related reading
Biyinlefen, Which Caters For The Needs Of The Elites Over 40, Had Revenue Of 766 Million In The First Half Of The Year
|
- Popular color | Rains 2021 春夏系列公布，“感知自我”主題
- Market prospect | India CCI Sold 520000 Tons Of Inventory, S-6 Pick Up Price Remains Stable -- Sice Daily Market Express (8.12)
- Industry dialysis | Enhance The Awareness Of Risk Prevention And Control, Fully Analyze The Leverage Ratio Of Textile Industry In The First Half Of 2020
- Industry perspective | Industrial Inventory Increases Month On Month, Yarn And Cloth Production And Sales Rate Continues To Rise
- Management strategy | VIP Bird Major Shareholders Will Lose 5.25% Equity!
- Listed company | Lippon Holdings Is Expected To Have A Loss Of More Than HK $150 Million In The First Half Of The Year
- Dress culture | Why Is Laofengxiang, A Century Old Tide Brand, Highly Praised
- DIY life | Vivienne Westwood Autumn / Winter 2020 Advertising Blockbuster Released
- market research | The Withdrawal Of Fast Fashion Brands Leads To Industry Reshuffle
- Local hotspot | 2020 Shandong International Textile Expo Is About To Open
- PATA X Mizuno Brand New Sky Medal Shoes
- Atmos X Nike Co Branded Air Max Zm950 Shoes Japanese Flag Embellishment
- New Bailun X Aim é Leon Dore Co Branded 1300 Shoe Collection Announced In Pink And Green
- Appreciation Of Golf Wang 2020 Autumn / Winter Series Lookbook
- Weihai Dishang Qingdao Global Touch "Net": A Thrilling Leap In The Industrial Chain Of Garment Foreign Trade Enterprises
- Adidas Ninja Co Branded ZX 2K Boost Shoes
- Rains Spring / Summer 2021 Series Released, "Self Perception" Theme
- India CCI Sold 520000 Tons Of Inventory, S-6 Pick Up Price Remains Stable -- Sice Daily Market Express (8.12)
- Enhance The Awareness Of Risk Prevention And Control, Fully Analyze The Leverage Ratio Of Textile Industry In The First Half Of 2020
- Industrial Inventory Increases Month On Month, Yarn And Cloth Production And Sales Rate Continues To Rise