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New Look to slash debt by €1bn to restore profitabilty

Fashion retailer New Look plans to cut its debt by ?1bn and raise more money to turnaround the business.
The company, which is closing its remaining 120 stores in China as well as 60 stores in the UK to return to profitability, said it had agreed with key shareholders to slash its debt from €1.35bn to €350m.
It will raise €150m in new money to finance its business and by cutting its debt its interest payments would be reduced to €40m from €80m a year.
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