New Look requests three-month rent holiday from landlords
It also outlined other immediate actions to help navigate the economic impact of the coronavirus pandemic
This includes reducing marketing costs, pausing all production & recruitment, delaying capex projects
New Look has confirmed that it requested a three-month rent holiday from landlords amid measures to help the retailer navigate the economic impact of the coronavirus pandemic.
In a business update, the fashion retailer said it was focused on preserving cash, maximising liquidity, managing working capital and reducing costs.
As a result, it said it has taken “proactive and immediate actions” taken to date, including significantly reducing marketing costs, pausing all production, delaying all significant capex projects and halting recruitment.
Source: Retail Gazette