HSBC withdraws New Look credit insurance

By Richard Hook2018-04-18T12:35:00

Source: Shutterstock/tupungato

HSBC has withdrawn credit protection for suppliers of fashion chain New Look less than a month after the group had a company voluntary arrangement (CVA) approved by creditors.

The bank initially reduced its level of credit protection for New Look suppliers at the end of 2017 and now has withdrawn it completely for some suppliers in a move which could further impact on store closures.

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