Finally a High Street fashion chain that has come through a CVA and survived - despite a legal battle with landlords

Finally a High Street fashion chain that has come through a CVA and survived - despite a legal battle with landlords

The fashion store New Look has won out in a legal battle with landlords when the High Court ruled in their favour after their company voluntary arrangement was agreed with suppliers.

Daily Mail city and finance report news desk reported this week: “New Look launched the CVA in September after sales were hammered by store closures in the face of the coronavirus pandemic. It agreed a CVA deal which moved its stores onto turnover-based rents after it was given the green light by a majority of creditors, but a number of disgruntled landlords launched a legal challenge in response.”

ICSM’s Ian Carrotte said it was good news for suppliers as if the firm had folded they would have had little chance of recouping their losses. He said: “It was understandable that the landlords that included Lazari and the Trafford Centre wanted to claw back some of their rent but everyone in this pandemic has taken a massive hit. In retailing in particular landlords must understand that helping firms stay afloat to fight another day will pay in the long term. There is much less competition for retailers as so many have gone to the wall so for those that survive the future is a bit brighter than it has been.” 

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