UK: More New Look directors leave business
New Look confirmed today (2 March) that creative director Barbara Horspool is one of three directors to leave the business, along with head of buying Nicky Wills and head of merchandising David Barton.
The departures are the latest in a series that have hit the fashion retailer in recent months. COO Will Kernan left to join the White Company in December, while CEO Carl McPhail left in March, and e-commerce director Dominic McBrien left in October.
The company is also reportedly looking to restructure its more than GBP1bn debt pile.
Executive chairman Alistair McGeorge and founder Tom Singh are considering options for the debt, with New Look expected to appoint an adviser in the coming weeks, The Financial Times reported. Options include Singh, who owns about a quarter of the company, putting more money into the business, the FT said.
The report said New Look is talking to US investment bank Houlihan Lokey about advising it on a debt restructuring.
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