New Look store escapes the axe as business contracts

FASHION retailer New Look plans to close 60 stores in an attempt to restore profitability.

Published Mar 8, 2018

New Look in Market Square. The retailer is looking to close 60 stores in the UK in ‘tough but necessary actions’ to reduce its ‘fixed cost base and restore long-term profitability,’ according to executive chairman Alistair McGeorge.

Guernsey’s outlet is not among those listed.

It moved to the Market building in July 2006.

Up to 980 staff face redundancy – from a 15,300-strong UK workforce – and rents at 393 stores will be cut, if the approach is approved by creditors.

‘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,’ said executive chairman Alistair McGeorge.

‘We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA [company voluntary agreement] proposal.

‘A priority for us is to keep all potentially affected colleagues informed during this difficult time.’