The High Court has ruled against landlords challenging New Look’s company voluntary arrangement (CVA), which proposes to switch to turnover-based rent.
The CVA was approved by creditors of the fashion chain last September, which was its second CVA in two years after its sales suffered during the pandemic.
The CVA meant that New Look was able to switch to turnover-based rent at 402 of its almost 500 stores, aligning rent payment with sales performance.
Nigel Oddy, chief executive at New Look, said:“We are pleased that the court has ruled in our favour and would like to take this opportunity to thank our people, our landlords and all our creditors for their ongoing support.”
“With the court hearing now behind us, we are able to focus on delivering our strategy and enhancing our position as one of the UK’s leading omnichannel womenswear retailers. With all our stores around the UK now open and the Republic of Ireland reopening on May 17, we are delighted to be able to once again serve our customers face-to-face, and we can look to the future with confidence.”