New Look is to close 60 stores, including its two main outlets on London’s Oxford Street.
The fashion retailer confirmed that it would seek creditor approval to shut the tranche of its 593 stores in Britain.
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New Look is to close 60 stores, including its two main outlets on London’s Oxford Street.
The fashion retailer confirmed that it would seek creditor approval to shut the tranche of its 593 stores in Britain.
The proposal could result in nearly 1,000 redundancies out of its workforce of 15,300.
New Look plans to restructure its store estate via a Company Voluntary Arrangement, a contentious insolvency process used by retailers to close loss-making stores.
The Telegraph adds that the plan also includes a rent reduction and new lease terms for 393 of its stores.
New Look, which is owned by South Africa’s Brait, has asked its creditors to approve the proposal by March 21 and all stores will remain open until then. Deloitte is acting as nominee to the CVA.
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