New Look and other UK Retailers

All,

Its been a busy week for retail. 
- Debenhams, who had come out with further reduced guidance and the need for a comprehensive restructuring earlier this week , prompted the latest twist, where sports direct have asked for a shareholder meeting in which to vote for Mike Ashley as executive board member. 
- LK Bennett went into administration yesterday.
- John Lewis paid out only 3% Bonus.
- Quiz Clothing gave its second profit warning in as many months. 
- New Look SSN and SUN bondholders have accepted the restructuring amendments. 
- Kantar data implied -2.8% LfL sales through February for Iceland - with December overlapping the company’s last reported period. 

Unless we have a big retailer come out in defiance, telling us that they are suffering none of these effects, we should be finding a suitable short to hedge our New Look and Matalan positions. 

Wolfgang