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New Look seeks to cut debt

New Look is reportedly planning to cut its £1.3bn debt in the new year, as tough trading continues.

The retailer has engaged advisers to come up with a solution to its debt problem, the Mail on Sunday reported, and is considering a debt-for-equity swap, whereby bondholders would be offered shares in the business.

This year New Look underwent a company voluntary arrangement (CVA) and closed its Chinese business in a bid to cut costs.

A New Look spokewoman said: “New Look continues to have constructive and supportive conversations with its stakeholders in what is an extremely tough retail environment.”

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