Huge retailer New Look has today confirmed plans to close 60 of its UK stores in a bid to save the company.
These plans, which will result in 980 job losses, are being put forward as a Company Voluntary Arrangement ( CVA) in order to save money and inevitably save all stores from closing entirely.
The company is also trying to arrange rent reductions of the other 400 stores in the UK. It has said that the changes will not and have not impacted its online sales.
Initial reports suggest the 60 stores are all UK based, and it is unclear if any of these are in Northern Ireland or if it will impact other Irish stores.
According to Sky, Alistair McGeorge 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.”
