Headlines

New Look Plans 60 Store Closures

The move is in an attempt to keep the retailer from going into administration

Published

6 years ago

March 9, 2018

New Look (London) announced that it is planning on closing 60 stores in an effort to avoid going into administration. The plan, which awaits approval from creditors, also outlines moves to try to renegotiate rents for about 400 of its stores as well as cut about 980 staff.

According to BBC, the company says that struggles including “over-rented U.K. store estate,” online competition and weaker consumer confidence have hurt the business.

Currently, the company operates 593 stores total and employs a total of 15,300 workers. The company has not detailed when any affected stores will close but did commit to continue to pay employees and suppliers on time and in full.

The plan will be considered by its creditors on March 21.

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