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New Look is closing 60 stores nationwide

Photo credit: Getty Images
Photo credit: Getty Images

From Digital Spy

Update 22/3: New Look has confirmed it will close 60 UK stores and cut up to 1,000 jobs after a restructuring plan was approved by creditors, the BBC reports.

The fashion retailer, which employs 15,300 UK staff, said it would attempt to reassign many of those employees who are at risk of redundancy. The stores are expected to close over the next year.

The decision comes after New Look sought a Company Voluntary Arrangement (CVA) earlier this month in an attempt to reduce costs.

New Look's executive chairman, Alistair McGeorge, said the closures are needed "to help restore long-term profitability".

He added: "Launching a CVA has been a tough decision and our priority remains keeping all potentially affected colleagues informed during this difficult time.

"The CVA is one of a number of necessary actions we are taking to get the company back on track."

Original story 7/3: Your local high street might be missing another well-known retailer later this month. New Look has announced it could close 60 of its stores, citing a "challenged trading performance and a difficult retail environment". And we're devastated.

The firm is proposing to into a Company Voluntary Agreement (CVA) as part of a plan to improve performance, it confirmed in a press release on Wednesday.

Photo credit: Getty Images
Photo credit: Getty Images

[A New Look store in London]

Under this plan, New Look has identified 60 out of its total 593 stores in the UK for potential closure, alongside a further six sites which are sub-let to third parties. The proposal includes a reduction in rental costs and revised lease terms across 393 stores. It also means up to 980 jobs could be at risk.

"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," Alistair McGeorge, Executive Chairman of New Look, said in a statement.

"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."

New Look has asked its creditors to approve the proposal by March 21 and has confirmed that all stores will stay open until then.

The fashion chain is the latest retailer to feel the pressure of falling profits in recent weeks. Both Toys R Us and Maplin went into administration in February.

See the full list of New Look stores identified for potential closure below:

Aberdeen - Bon Accord

Beckton

Bolton Mens

Borehamwood

Brynmawr

Burton Mens

Cameron Toll

Cardiff - Queen Arcade

Cheshunt

Clevedon

Craigleith

Doncaster Mens

Dundee – Wellgate

Exeter Mens

Fleet

Gateshead - Team Valley

Glasgow - Buchanan Street Mens

Gorleston

Hanley Mens - Intu Potteries

Hounslow Mens

Hull – Whitefriargate

Keynsham

Kingswood

Leeds - The Core Shopping Centre

Leicester – Haymarket

London - Marble Arch, Moorgate/ London Wall, Oxford Circus

Maidenhead

Maidstone Mens

Merry Hill Mens

Metro Centre – Mens

Monmouth

Newport Mens

Newton Mearns

North Shields

Nottingham Mens

Ocean Terminal

Peterborough Bridge Street

Pontypool

Portswood

Ramsgate

Reading - Broad Street

Reading Oracle Mens

Rhyl

Romford Mens

Rugby

Shrewsbury Mens

Sidmouth

Stockport – Merseyway

Stockton-on-Tees

Stratford Upon Avon -Bridge Street

Thornaby

Tonypandy

Torquay - Union Street

Tredegar

Troon

Wallsend

Weston Favell

Wigan Mens


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