New Look in talks with lenders over £100m refinancing deal
New Look is in talks with its lenders about refinancing £100 million of debt, following a number of restructuring initiatives by the brand.
Sky News reported today that New Look is working with advisers at Deloitte on exploring options for a term loan which matures in June 2024.
Among the holders of the debt are Alteri, retail investor Davidson Kempner and an arm of Goldman Sachs.
Sources said that New Look is expected to reach a resolution on the refinancing talks in the coming months.
The move marks the latest chapter in New Look's efforts to support the growth of the omnichannel business.
Earlier this year, New Look announced its plans to axe the night shift at its North Staffordshire warehouse - putting 503 workers at risk of redundancy. The retailer said it was hoping to re-employ some of the employees affected as it hires an extra 300 staff on the expanded day shift.
In March 2023, New Look also confirmed its plans to make around 70 redundancies at its London and Weymouth head offices, in a move that aims to "better reflect and support the growth" of its omnichannel business strategy.
At the time, a spokesperson for New Look told TheIndustry.fashion: “New Look has changed significantly in recent years, having accelerated our ecommerce business and reduced our store estate.
"As such, we have reviewed our operating model and structures, and we are making certain changes to our ways of working, to better reflect and support the growth of our omnichannel business."
