New Look is considering closing as many as 60 stores, putting up to 980 jobs at risk. 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. The likely New Look closures come amid a tough time on the high street which has seen a string of well known brands collapse or close stores. Daniel Butters, partner at Deloitte, which will be handling New Look’s CVA process, said: “The retail trading environment in the UK remains extremely challenging, driven by weaker consumer confidence, the implications of Brexit and competition from online channels.

Source: The Guardian March 07, 2018 15:42 UTC