THE HIGH court has allowed the Irish arm of fashion retailer New Look to pay a tax bill of nearly €6.7m, as the company puts together a survival plan amid financial losses due to the Covid-19 pandemic. Today’s hearing was in advance of an application the company is due to bring tomorrow to have an examiner appointed. Rossa Fanning SC, for a number of landlords, said New Look had cash reserves of €15.6 million and had been profitable for two years. He said it was a decision on the part of the company not to pay its debts as they fell due. “It’s absolutely open to this company on the basis of cash flow to pay all of its landlords in full,” he said.

Source: Irish Independent September 28, 2020 15:33 UTC