US: New Look denies administration rumours
Value fashion retailer New Look has moved to reassure suppliers over its financial position after reports surfaced last week suggesting it was poised to enter administration.
"The rumours about New Look entering into administration are completely untrue," a spokesperson told just-style, adding that an online blog making the allegations has "since been retracted."
The spokesperson continued: "New Look has written to suppliers to reassure them over their financial strength and will report their interim results in the coming weeks."
In June, the retailer revealed it would look to shutter up to 100 stores after recording a fall in full-year profits.
Full-year EBITDA dropped to GBP147m (US$229.7m) from GBP191m a year earlier, and sales edged down 2% to GBP1.5bn. Like-for-like sales fell 5.9%.
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