Landlords have lost their legal battle against New Look’s restructuring deal.
The High Court ruled against a group of property owners who had challenged the High Street fashion retailer’s company voluntary arrangement (CVA).
New Look launched the CVA in September after sales were hammered by store closures in the face of the coronavirus pandemic.
Fashion chain 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.
London property giant Lazari and the Trafford Centre Ltd were among landlords to lead the challenge, and claimed the majority of votes in favour of the deal were from creditors who ‘were unimpaired by the CVA’.
But the judge rejected the three separate challenges made to the High Court.
Nigel Oddy, New Look chief executive, said: ‘We are pleased the court has ruled in our favour and would like to take this opportunity to thank our people, our landlords and all our creditors for their ongoing support.
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