// Frasers Group acquires New Look’s Brighton store
// New Look’s CVA was approved by 75% of creditors in September last year
// The newly-acquired Brighton store is located on 188-191 Western Road
Mike Ashley’s Frasers Group has reportedly bought the freehold of the New Look store in Brighton.
New Look’s CVA was given the official go-ahead in September last year after creditors approved the proposals with a majority vote in favour.
This meant the fashion retailer would switch more than 400 of its UK stores to a turnover-based rent model, a three-year rent holiday on its 68 remaining stores, and enhanced landlord break clauses.
- New Look completes refinancing scheme
- 200 job cuts as Frasers Group shuts down Jenners store in Edinburgh
No store closures were featured in the CVA, and all 11,000-plus jobs were saved.
It is also the second CVA for New Look in two years. In 2018, creditors approved a CVA that led to 60 store closures and nearly 1000 job cuts.
The newly-acquired Brighton store is located on 188-191 Western Road, Drapers reported.
Separately, Frasers Group – which owns Sports Direct and House of Fraser – announced earlier this week that its Jenners department store in Edinburgh will permanently close on May 3.
The closure will lead to the loss of 200 jobs.
A Frasers Group spokesperson said the decision came about because it was unable to reach an agreement with the owner of the Jenners building, Anders Povlsen, to continue their tenancy.
Jenners has occupied the same Princes Street location in central Edinburgh for more than 180 years.