Boohoo eyes New Look as crunch CVA vote looms
Boohoo is understood to be planning a swoop on New Look if its CVA is not voted through by landlords this week, with the fashion retailer warning it could collapse without rent cuts.
The online fashion retailer is reportedly circling New Look should its CVA vote, which is set to take place on Tuesday, fail to garner sufficient support from landlords.
Last week, New Look confirmed that the deadline for businesses to snap up the firm had passed, meaning it relied on landlords supporting its CVA proposal to continue operating in its current form.
New Look needs the support of 75% of creditors for its CVA to pass, with the proposal stipulating that property owners of 68 shops would accept no rent for a three-year period, while more than 400 other stores would switch to turnover-based rent agreements.
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