There are fresh doubts over the future of a fashion retailer, which has shops across Tayside and Fife, after a sale process failed.
New Look has failed to find a buyer and has now put its hopes on landlords agreeing to cut rents.
The group has warned that if landlords fail to back its restructuring proposal it will be forced to consider “less favourable alternatives”, which are understood to include liquidation.
New Look operates from Dundee’s Overgate Shopping Centre, the Kingdom Shopping Centre in Glenrothes, Kingsgate Shopping Centre in Dunfermline and High Streets in Perth, Leven and Kirkcaldy.
No bids were made for the fashion firm as it attempted to secure its long-term future.
It now hopes at least 75% of landlords back its company voluntary arrangement proposals, which go to a vote on September 15.
It said it is asking landlords to accept new lease contracts on its stores which are based on turnover as it battles the “challenging retail market environment”.
The move will also see New Look cut its long-term debts from £550 million to £100m following a debt for equity swap.
New Look said it will also invest £40m in new funding to drive its long-term growth strategy.
The company said it has received “overwhelming support” for the move from its secured financial creditors, with 100% of its credit lenders and 90% of its bondholders backing the deal.
