British fashion retailer New Look is reportedly in advanced talks over a possible refinancing of its debt, which should get the company through a turbulent trading environment.
The fashion house chain is said to be on the verge of completing a £100million fund that would replace a loan due in June 2024. Sky News reports that New Look has held discussions with Blazehill Capital and Wells Fargo and is working with advisors from Deloitte on the potential refinancing.
New Look continues its efforts toward a sustainable, long-term capital structure after conducting a series of store closures over the past year. This strategy has been accompanied by a series of redundancies at the retailer’s head office, most notably those in the Weymouth and London support centres. The company had previously sought to consolidate its position through two restructurings, the last of which will be in 2021. Despite this, the retailer ranks as one of the UK’s biggest clothing giants, operating over 400 locations in the region and employing more than 10,000 people.
This translated and edited post previously appeared on FashionUnited.uk.