New Look’s woes escalate

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A collapse in the value of the bonds issued by the beleaguered British fashion retailer New Look, which is understood to be working on a plan to close up to 10% of its store network, looks to have left the debt-laden business increasingly vulnerable to a potential takeover.

It is thought that a number of potential buyers are circling New Look, which is owned by the Christo Wiese-controlled South African company Brait, with a view to acquiring the retailer at a rock bottom price by buying up New Look’s bonds, the two tranches of which are currently trading at around 19p and 35p in the pound.

Such a move could then put the creditor in a strong position to seize the retailer’s assets should things go from bad to worse for the business, which brought back previous boss Alistair McGeorge at the end of last year to try and turn the business around.
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