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New Look closes 60 stores

New Look store - 2br image

Published by The Stray FM News Team at 4:05pm 7th March 2018.

New Look have released the list of 60 shops they're proposing to close.

Luckily, none of the ones in North Yorkshire made the list - so stores in Harrogate, Skipton and Keighley are safe. 

But other shops across the country face a bleak future.

The 60 shops make up 10% of the retailer's business, and they say these closures come as they look to make savings on rent costs. 

A maximum of 980 colleagues now face redundancy. There are efforts to redeploy them though.

The news that stores could close came in January, when the South-African owned chain said they were drawing up proposals for a Company Voluntary Arrangement (CVA).

Those have now been released to the public. 

They've said in a statement this is down to reducing "its UK store estate and rental costs amid challenged trading performance and a difficult retail environment".

60 out of 593 stores made the list, whilst a further six sites are up to be sub-let to third parties. They also look to revise leases on another 393 stores.

Alistair McGeorge, Executive Chairman of New Look, said:

“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.”

New Look now seeks creditor approval on the proposal, which is due on 21st March 2018.

All stores will remain open during that period.

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