Mike Ashley’s Retail Empire Faces Challenges in Edinburgh

  • Frasers Group acquires New Look’s Brighton store
  • New Look undergoing rent restructuring following a CVA approved in September 2020
  • Mike Ashley’s retail group forced to vacate its Flagship Edinburgh Jenners store
  • CVAs led to 60 store closures and almost 1,000 job cuts in 2018
  • Frasers Group spokesperson emphasizes the need for fair agreement between landlords and retailers

Frasers Group has acquired the freehold of New Look’s store at 188-191 Western Road, Brighton. This move comes after Mike Ashley’s retail group was forced to vacate its flagship Edinburgh Jenners store due to a lack of mutually fair agreement with the landlord. The acquisition is part of New Look’s portfolio undergoing rent restructuring following a CVA approved in September 2020, which granted a three-year rent holiday for 68 stores and turnover-based lease terms for another 402 stores. In 2018, two CVAs led to 60 store closures and nearly 1,000 job cuts. Frasers Group emphasized the need for fair collaboration between landlords and retailers.

Factuality Level: 8
Factuality Justification: The article provides accurate information about Frasers Group acquiring the freehold of New Look’s Brighton store and mentions the CVA approved in September 2020. It also gives details on the rent restructuring and store closures. However, it lacks personal perspective or opinion, making it a factual article.
Noise Level: 3
Noise Justification: The article provides relevant information about Frasers Group acquiring a store from New Look and mentions the background of New Look’s financial struggles. However, it lacks in-depth analysis or actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Retail sector
Financial Rating Justification: The article discusses a retail company’s acquisition of a store and its rent restructuring, which can impact the financial performance of the company and the retail market.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the text. The information provided discusses a retail store acquisition and store closures, but no major disruptions or crises are present.

Reported publicly: www.retailsector.co.uk