New Look has drawn up plans to close about 10% of its 596 UK stores.
According to Sky News, the retailer has proposals lined up for a CVA, which include store closures and rent reductions at many of the remaining ones.
If the CVA progresses, landlords and creditors will vote on it later this year. However, the plan is not finalised and other options are being considered.
In November, New Look reported a sharp decline in revenues with a 72% fall in adjusted EBITDA in its half year results.
Like-for-like sales were down 8.6%, and the retailer said the performance was down to its UK division and the reminder of the year would likely be a challenge.
This is the latest in a list of proposed cuts by retailers.
Earlier this week EG reported that House of Fraser was looking to reduce its store footprint by 30% in the next 10 years and had asked landlords for reductions from the start of its financial year on 27 January “to gain breathing space”.
Meanwhile, Toys R Us creditors voted in favour of a CVA at the end of December, meaning the closure of 26 stores.
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