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New Look landlords braced for closures

New Look has reportedly written to landlords to say its finance director Richard Collyer would be seeking meetings to discuss possible store closures and rent reductions.

Collyer will visit landlords in the coming days, The Sunday Times reports.

New Look is known to be considering a company voluntary arrangement (CVA) to shed unprofitable stores.

As previously reported, the struggling retailer is thought to be mulling up to 60 shop closures.

In its most recent financial results for the 26 weeks to 23 September 2017, total revenue was down 4.5% to £686m and adjusted EBITDA plummeted 72.2% year on year to £24.2m. It reported an underlying operating loss of £10.4m, compared with a £59.3m profit in the same period the year before.

New Look declined to comment. 

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