Retail landlords resorting to rent-free stores as CVAs bite

New Look

Landlords struggle to offset negative impact of vacant units as number of retailers launching CVAs increases.

New Look chief executive Alistair McGeorge stated this week that he did not expect to shut any stores this year, despite announcing it planned up to 60 store closures in a CVA earlier this year.

He told The Guardian that New Look was “not in any rush to shut them if it is in our gift” referring to its CVA agreement, which stipulates that after six months New Look’s rent on the 60 stores will drop to zero.

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