New Look announces plans to close 60 stores nationwide
High street fashion chain New Look has announced plans to close 60 of its stores to reduce its UK store estate '“ but none of the closures relate to stores located in East Sussex.
New Look said the decision was made ‘amid challenged trading performance and a difficult retail environment’.
The company said it is instigating a Company Voluntary Arrangement (CVA) – a legal agreement with its business creditors – and is seeking approval from creditors on a plan to improve the operational performance of the company.
Under the proposal, New Look has identified 60 out of its total 593 stores in the UK for potential closure – none of which related to stores in East Sussex.
A further six sites which are sub-let to third parties are also set to close.
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.”
A total of 980 of the company’s 15,300 staff members could be made redundant as a result of the proposal which is set for approval on March 21, 2018.
However, New Look said, all efforts will be made to redeploy colleagues within the business where possible.
All UK stores will remain open as normal during the period of the proposal and the company’s online sales channel will be completely unaffected by the proposed changes, according to a spokesman for the company.
Here is the full list of potential closures:
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, London – Moorgate/ London Wall, London – Oxford Circus, Maidenhead, Maidstone Mens, Merry Hill Mens, Metro Centre – Mens, Monmouth, Newport Mens, Newton Mearns, North Shields, Nottingham Mens, Ocean Terminal, Peterbrough 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.