New Look Announces Company Voluntary Arrangement Proposal
London – Paul Hastings LLP, a leading global law firm, announced today that it is advising leading clothing retailer New Look and its owner, the listed South African group Brait SE, on the Company Voluntary Arrangement announced by New Look Retailers Limited today. Under the proposal, New Look will restructure rents on a majority of its stores as part of an operational turnaround plan. The CVA identifies 60 out of its total 593 stores in the UK for potential closure, alongside a further 6 sites which are sub-let to third parties.
New Look is seeking creditor approval on the proposal, which is due on 21st March 2018. New Look’s secured creditors have already consented to the CVA.
The full company announcement can be found
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