Skip to main content

Frasers Group swoops in on New Look’s Brighton store

// 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.

READ MORE:

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.

Click here to sign up to Retail Gazette‘s free daily email newsletter

The post Frasers Group swoops in on New Look’s Brighton store appeared first on Retail Gazette.



from Retail Gazette https://ift.tt/36k8qeA
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Eagle Labs launches impirica CBD brand

ST. PETERSBURG, Fla. — Eagle Labs has launched impirica, a new brand of CBD intended to eliminate consumer fear, and increase confidence, in trying the exciting new cannabidiol category. Michael Law Although most Americans have now heard about CBD, many are very confused and concerned about product quality. This is inhibiting trial in the category and holding back conversion into sales. In fact, a 2017 study by Johns Hopkins University found that two out of three CBD products on the shelf did not contain the amount of CBD reflected on the label. Furthermore, in 2018 and 2019, the FDA sent notices to a substantial number of CBD manufacturers advising them of serious concerns about product quality or egregious medical claims. The impirica brand looks different than most CBD brands — the brand name itself connotes testing and trust, says Eagle Labs chief commercial officer Michael Law. “It doesn’t use the traditional category colors of browns and greens, and you won’t find a hemp...
70 comments
Read more

Sagar Daryani, CEO and Co-founder – Wow! Momo & Saga: From a Kiosk to a Kingdom

Sagar Daryani’s entrepreneurial odyssey from humble beginnings to pioneering success has redefined the landscape of food startups in India. Co-founding Wow! Momo, he has spearheaded the growth of the largest indigenous QSR chain in the country, crafting a remarkable saga of triumph The Genesis: A Visionary Venture Takes Root In 2008, armed with a mere Rs. 30,000 and boundless ambition, Sagar Daryani and Binod Homagai embarked on their entrepreneurial journey while still pursuing their graduation in B.Com Hons from St. Xavier’s College, Kolkata, even before their college results were out. They knew the value for money and boot-strapped to plough back profits and grow their venture. Sagar spearheaded brand expansion, brand creation, and marketing and retail operations. Grew across the city with a strong consumer focus. The early days were hard but keeping track of the money flow was even harder. Believing in the concept of ‘1 rupee saved is 5 rupees earned’, and the lessons they lear...
1 comment
Read more

Homegrown ice cream chain HOCCO to open 250 stores, eyes Rs 400 crore by FY26

Ankit Chona, Founder and Managing Director of HOCCO, delves into the company’s revenue model, growth strategies, and vision for the future… Bengaluru: HOCCO (House of Chonas Collaborative) , the Ahmedabad-based ice cream and quick-service restaurant (QSR) chain, boasts a rich legacy spanning over 70 years, with roots tracing back to pre-independence India. The Chona family has been deeply entrenched in the food industry since 1944, originally operating in undivided Pakistan. Following the Partition, Satish Chona , an engineer with British Overseas Airways Corporation, relocated from Karachi to India. After journeying through multiple cities, he ultimately settled in Ahmedabad, where he established his first QSR outlet in 1953. Three decades later, he expanded into the casual dining segment, launching a restaurant in Baroda while continuing the family’s ice cream manufacturing business. However, in 2017, the company sold its ice cream division to a South Korean firm, shifting its fo...
Post a Comment
Read more