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Frasers Group has reportedly acquired the freehold of New Look’s Brighton store.
According to Drapers, the store located at 188-191 Western Road is just one of New Look’s portfolio that is undertaking a rent restructuring following a CVA approved in September 2020.
The CVA has ushered in a three-year rent holiday for 68 of the fashion retailer’s stores, while a further 402 have been converted to turnover-based lease terms.
It is the second CVA in as many years for the firm, whose creditors approved the move that resulted in 60 store closures and almost 1,000 job cuts in 2018.
The move from Mike Ashley’s retail group follows last week’s announcement that its flagship Edinburgh Jenners department store will close on 3 May, leading to 200 job losses.
The decision to close the store, which has been operating for 180 years, came after negotiations between the retailer and its landlord were unable to arrive “mutually on a fair agreement”.
A Frasers Group spokesperson added: “Our commitment to our Frasers strategy remains but landlords and retailers need to work together in a fair manner, especially when all stores are closed.”
Retail Sector has contacted Frasers Group, while New Look declined to comment on the situation.
