Credit insurer Euler Hermes is understood to have halted the sale of protection against insolvency to suppliers of New Look, although is still expected to cover any shipments with protection signed before it made the decision to stop fresh sales. The Sunday Times, which first reported the story, said another insurer had reduced coverage levels to suppliers of New Look, but had not withdrawn sales altogether. Steinhoff is also the parent company of Poundland, which had seen an insurer cut the level of coverage to its suppliers last month. New Look is attempting to stage a turnaround, after rehiring former executive chairman Alistair McGeorge to help stem falling sales. He is expected to give an update on the firm’s strategy early next month alongside its latest sales update, which will include the key Christmas shopping period.

Source: The Guardian January 07, 2018 18:00 UTC