News

Retail landlords resorting to rent-free stores as CVAs bite

By 2018-06-15T00:00:00

New Look

Source: Shutterstock/tupungato

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.

This content is only available to registered users

You must be logged in to continue

Gated access promo

Would you like to read more?

Try Property Week For Free to finish this article.

Sign up now for the following benefits:

  • Unlimited access to Property Week
  • Breaking news, comment and analysis from industry experts as it happens
  • Choose from our portfolio of email newsletters

To access this article TRY FOR FREE NOW

Don’t want full access? REGISTER NOW to read this article and up to 3 more this month and subscribe to our newsletters.

Registered users and subscribers SIGN IN here to continue