LONDON, March 21 (Reuters) - Creditors and landlords of New Look overwhelmingly approved the struggling British retailer’s restructuring plan at a meeting on Wednesday, enabling it to stave off a potential fall into administration, the company said.
Earlier this month, the chain, owned by South African investment heavyweight Brait and saddled with 1.2 billion pounds ($1.7 billion) of debt, said it would seek creditor approval for a Company Voluntary Arrangement (CVA)
The plan will see the closure of 60 of its 593 stores in Britain and a reduction in rent and revised lease terms across another 393 stores. It would lead to up to 980 redundancies among its total UK workforce of 15,300.
At Wednesday’s meeting 98 percent of votes cast were in favour of the restructuring proposals. (Reporting by James Davey. Editing by Jane Merriman)