New Look store is 'safe' despite 60 store closures
New Look clothing store won't be closing, the firm has confirmed
this week as it announced plans to shut 60 stores across the UK.
company is cutting up to 980 jobs under proposals to shut dozens
of stores and slash rent on nearly 400 shops as part of a rescue
firm intends to to axe around 10% of its 593 stores with a further
six sites that are sub-let also due to shut as it pushes ahead with
a company voluntary arrangement.
staff at local Somerset stores in Burnham-On-Sea, Bridgwater and
Taunton breathed a sigh of relief as these branches won't initially
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."
announcement of the potential job losses and store closures comes
after poor trading figures from New Look in February, when it posted
a pre-tax loss of £123.5 million in the three quarters to
December, while UK like-for-like sales plunged 10.7% and online
sales fell 15%.