New Look announces plans to shut 60 stores

Terminus Road, Eastbourne (Pic by Jon Rigby) SUS-151009-085259008
Terminus Road, Eastbourne (Pic by Jon Rigby) SUS-151009-085259008

New Look announces plans to shut 60 stores

New Look has identified 60 out of its total 593 stores in the UK for potential closure in an attempt to save itself.

The company is today attempting to reach a Company Voluntary Arrangement (CVA), a legally binding agreement with creditors.

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.”

Up to 980 staff could be made redundant from stores in the list, but the company hopes to redeploy as many as possible elsewhere in the group.

However Eastbourne is not in the initial list.