Brait, owner of struggling UK apparel chain New Look, launched a sweeping overhaul as leading shareholder Christo Wiese seeks to salvage his investment after seeing his other retail assets plunge in value.
Brait has been struggling to turn around New Look, which has been hit by the UK’s retail crisis as shoppers defect to trendier online fashion sellers such as Boohoo. The investment firm bought the chain for £780m and now values it at zero. Wiese appointed a former investment banker and dealmaker as his representative to the board in September, a clear indication that he wanted change.
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