New Look in plans to close 60 branches across the UK

Galtero Lara
Enero 13, 2018

The retailer is now considering a company voluntary arrangement (CVA) as a way to shut around 10pc of its 600 shops in the United Kingdom, according to Sky News, which first reported the closure plans.

NEW Look stores in Scotland are under threat of closure as the fashion retailer plans to shut 60 branches across the UK.

If it goes ahead, will see roughly 10 per cent of New Look stores shut down with sizeable rent reductions sought at numerous remaining branches.

Late last year, New Look axed hundreds of jobs while reporting an underlying operating loss of £10.4 million in the six months to September 23, compared to the £59.3 million profit recorded in the same period last year.

Toys R Us UK won approval for a plan to close about a quarter of its stores shortly before Christmas, while Sky News revealed last week that House of Fraser, the department store chain, was asking landlords to reduce its rent bill.

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Last month, Toys R Us confirmed plans to shut "at least" 26 of its 106 stores in the United Kingdom, putting hundreds of jobs at risk.

Debenhams and Mothercare have been among the other big losers, while Next performed better than expected.

The CVA would see creditors allow a chunk of the company's debt to be paid back over a fixed timescale.

The company has been owned since 2015 by Brait, an investment vehicle headed by businessman Christo Wiese, who also has interests in Virgin Active and the Iceland supermarket chain.

The Sun Online has contacted New Look for comment.

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