New Look’s £1.2bn debt attracts US investors

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Us Investors

New Look has gained the attention of US debt investors looking to acquire bonds in the struggling fashion retailer.

According to the Sunday Times, Anchorage Capital and HPS Investment Partners have expressed interest in purchasing a stake in New Look‘s hefty £1.2 billion debt.

This follows news that the high street chain called in KPMG to issue advice on cost savings.

Earlier this month New Look posted a 60 per cent drop in profits in the three months to June 24, in what it called a “disappointing quarter of trading”.

READ MORE:  New Look sees profits dive over 60% in Q1

Two high-profile figures departed the retailer in June, following reports of a 44 per cent drop in full year profits.

Menswear director Christopher Englinde and accessories and beauty director Amanda Wain jumped ship as the retailer warned that the “the UK market has remained difficult”.

After its most recent financial update, Anders Kristiansen  said: “We expect the consumer economy to remain fragile and challenging market conditions to persist into 2018.”

He added he was “confident that we will see improvements, but expect these to take time”.

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