The high street fashion chain New Look has kicked off crunch talks with landlords that could presage full-blown talks about a second financial restructuring in little more than a year
The coronavirus crisis is also having a profound impact on the finances of commercial property-owners, with shopping centre groups such as Intu Properties facing the prospect of rent payments slumping to record lows when payments fall due later this month.
Like other non-essential retailers, New Look is preparing to resume trading on high streets this month. "We will be implementing stringent health and safety measures to create an in-store environment where customers feel confident shopping and our colleagues feel comfortable working," it said. Deloitte, which supervised last year's CVA, is also understood to be involved alongside the property agents on the latest restructuring., the company said it had been making good progress with its turnaround plan, with sharply reduced losses in the third quarter of its financial year.
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