The struggling clothing retailer New Look may be forced to put itself up for sale in order to complete a rescue refinance.
New Look, which has 500 stores, will hand bondholders up to 92% of the company in return for reducing its 1.35bn debt pile to about 500m.
The company closed 85 stores last year through an insolvency procedure after an annual loss of nearly 235m, which its chairman blamed on its product range becoming too young and edgy and on an ill-starred international venture.
It launched the financial restructure after sales at established stores fell 5.7% in December.
In the first phase of the financial restructure, bondholders this week approved an 80m short-term injection of cash, which the company will begin to have access t…
Read the full article at: https://www.theguardian.com/business/2019/jan/24/new-look-may-have-to-put-itself-up-for-sale-rescue-refinance-bondholders-debt