New Look in talks with lenders to refinance £100m debt
New Look is reportedly in talks with its lenders to refinance £100m of debt amid a challenging time for the British fashion chain.
New Look is understood to be working with advisers at Deloitte on exploring options for a term loan which ends its June 2024, according to reports in Sky News.
Sources told the outlet that New Look is expected to “reach a resolution on the refinancing talks in the coming months”.
It has been a rocky period for New Look, which also revealed in March that it would cut 70 job roles at its head offices in London and Weymouth, with a spokesperson telling City A.M at the time that the brand has changed significantly in recent years.
The fashion brand has cut the number of stores it trades from in recent years, reducing the portfolio from 800 sites to 400, as it turns its focus to online shopping.
In the year ended March 25 2023, New Look reported revenues of £895m.
New Look declined to comment.