New Look has gained the attention of US debt investors looking to acquire bonds in the struggling fashion retailer.
According to the Sunday Times, Anchorage Capital and HPS Investment Partners are looking to acquire the lingerie, swimwear and clothing retailer’s £1.2 billion debt
Earlier this month New Look posted its quarterly report for the term ending July 24. The company posted a 60% drop in profits over the 12-week period.
Earlier this year menswear director Christopher Englinde and accessories and beauty director Amanda Wain left the company as the retailer warned that the “the UK market has remained difficult.”
The two high-profile departures in June followed reports of a 44% drop in full year profits.
Anders Kristiansen, New Look’s manager, told the Sunday Times: “We expect the consumer economy to remain fragile and challenging market conditions to persist into 2018.”
The high street retail chain was bought by South African investor Brait Capital in a £1.9bn takeover in 2015.