A report in the London Evening Standard has said that fashion chain New Look has had its value slashed by almost half by its private equity backers, following its failure to float last year.
12 months ago, New Look was valued at £1.7 billion. However, it shelved its float plans in February 2010, saying that the timing wasn't right.
Since then, says the Evening Standard, it has issued what were effectively three profit warnings.
To read the full story, click here.