Retailer New Look in deal to slash debt by €1.1bn

Struggling British fashion retailer New Look has agreed a restructuring with debtholders to cut its debt by £1bn (€1.1bn) as it seeks to position the group for a return to profitability.

Last March New Look, which is owned by South African investment firm Brait, staved off a potential collapse into administration when British creditors and landlords backed a plan enabling it to close 60 UK stores.