Home Business News ‘Struggling fashion brand to close up to 100 stores’

‘Struggling fashion brand to close up to 100 stores’

by LLB Reporter
6th Nov 18 1:36 pm

Struggling fashion brand New Look may close as many as 100 UK stores as part of its turnaround plans, putting more than 800 jobs at risk.

The embattled chain has already stated that it would close 60 shops as part of a company voluntary arrangement (CVA) in March next year. Today it said that while 85 stores had closed or were closing, talks with landlords on a further 13 were continuing.

Revenues were down by 4.2 per cent to £656.9m from £686m.

Executive chairman Alistair McGeorge further told media that New Look has made good progress in “areas it can control” but: “We’ve done an enormous amount to tidy things up. I’m not in control of the total market — it’s in the poorest shape that I’ve ever seen it. We’re not overflowing with cash, these are things that we’ll have to manage. We’ll get on it.”

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