Food retailer Iceland is to take on New Look’s store in London’s Stratford Mall after the landlord activated a break clause on the lease under the terms of the company voluntary arrangement (CVA).
The retailer has been served notice on the store, which was not earmarked for closure under the terms of its CVA that was agreed in March.
Iceland said it would be taking possession of the store in August and a supermarket would open in November.
The Stratford Mall store is one of a number of shops included in New Look’s CVA that were due to have their rents cut, but were not part of the 60-strong list of stores set for closure.
The Stratford Mall store would have required a 40% rent reduction.
It is the first shop known to have been taken back by a landlord since the launch of the CVA, which was agreed by 98% of New Look creditors on 28 March.
New Look declined to comment.