New Look may sell off stores as debts mount

New Look is working on proposals to enter a company voluntary arrangement

Sky News reported that New Look, which was founded in England but is now owned by a South African investment company, is planning to commit to a Company Voluntary Arrangement (CVA), which would lead to restructuring.

Although sources have stressed this was just one of a number of options being considered by the retailer, it adds weight to speculation that New Look is in financial straits.

A decision about whether to proceed is expected to be t‎aken in the coming weeks, and would require the consent of bondholders. It has nearly 600 stores in Britain.

Landlords and other creditors would be asked to vote on the plan later this year.

New Look is the latest in a long list of big name stores who've gone through the same problems.

Struggling fashion retailer New Look is working with advisers at Deloitte on its plans to shut around 60 United Kingdom shops, the Telegraph can reveal.

Pepsico (NASDAQ:PEP) Given Hold Rating at Jefferies Group
Vantage Inv Limited accumulated 106,294 shares. 8,616 are owned by Phocas Financial. (NYSE:YELP) for 48,096 shares. (NYSE:PEP). Analysts are forecasting earnings of $1.3 on a per share basis this quarter. 91,683 are held by Pinnacle Associates Ltd.

The fashion chain has a store on Salisbury's High Street.

Debenhams and Mothercare have been among the other big losers, while Next performed better than expected.

He described the retail environment as "challenging", but said improving its fortunes would not be an overnight job.

The retailer has 600 stores in the United Kingdom, with around 50 of those in Scotland.

Concerns have also been raised about New Look's relationship to embattled South African company Steinhoff, which owns Poundland, Harveys and Bensons for Beds in the UK.

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