Yet another high street retailer in trouble as New Look to close 60 stores and axe 100 jobs
New Look will close 60 UK stores and cut 1,000 jobs after creditors approved a restructuring plan for the retailer. The stores will close within 12 months and some staff may be redeployed.
The turnaround plan will cut the fashion chain’s rents by between 15% to 55% across its remaining 393 stores.
Executive chairman Alistair McGeorge said it was a “tough decision” to seek a company voluntary arrangement (CVA) but was necessary to restore the chain to profitability.
“It is clear we need to reduce our fixed cost base. We are therefore pleased to have gained the support of our creditors to address our over-rented store estate,” he said.
“The CVA is one of a number of necessary actions we are taking to get the company back on track.”