New Look reportedly seeking 100 million dollar refinancing deal

High street fashion retailer New Look is believed to be in talks with lenders over a possible 100 million dollar refinancing of its debt, which matures in June 2024.

The company is understood to be working with advisers Deloitte on securing the long-term loan just two years after its most recent restructuring.

According to sources for Sky News, a resolution could be expected in the coming months, with one source close to the company stating it was prudent to explore refinancing options at this stage.

New Look is considered one of the UK’s largest clothing giants, operating over 400 stores across the UK and Ireland and employing more than 10,000 staff.

The chain has previously attempted to cement a sustainable long-term capital structure through two restructurings, its most recent being in 2021.

The news comes as the retailer continues to shrink its store network, with its recent string of store closures dubbed a “normal course of business”.

The strategy fell alongside a series of redundancies at the retailer’s head offices, with roles at its Weymouth and London support centres particularly affected.

It all comes as New Look looks to reposition itself as an omnichannel retailer, turning its attention to e-commerce after reviewing its operating model.