Popular high street retailer set to close SIXTY stores7th Mar 18 | News
The closures could result in almost 1000 job losses
One of our favourite high street retailers, New Look, has announced it will close 60 stores across the UK in a bid to save the company.
According to the Mirror, New Look will close 60 out of its 593 stores in the UK, alongside a further six sites which are sub-let to third parties as they attempt to save the business.
As a result of the closures 980 people’s jobs are at risk but the company has pledged to redeploy staff within the business where possible.
Although initial reports suggest that it is only UK based stores that face closure, it is still unconfirmed whether Irish branches are also at risk.
Their online store will remain unaffected and operate as normal.
They are also aiming to reduce rental costs and revise leases terms across 393 stores.
Alistair McGeorge, of New Look, told the Mirror: "Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability.”
“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time.”