Britain’s New Look Retail Group Ltd. has reached an agreement to restructure its debt. The deal gives the chain of fashion stores crucial breathing space, and provides a blueprint that others in the industry are likely to follow as they grapple with online competition and dwindling consumer confidence. The debt-for equity swap will cut gross borrowings to about 500 million pounds ($643 million) from 1.35 billion pounds and reduce annual cash interest payments by about half to about 40 million pounds. As part of the deal, the company will issue 150 million pounds of new bonds. Depending on the take up of these new securities, Brait SE, the South African investment company backed by Christo Wiese, will see its controlling stake in the retailer shrink to between 18 percent and 30 percent. Read more at The Washington Post.