As previously reported, fashion retailer New Look announced plans to reduce its UK store count by 60 amid challenged trading performance and a “difficult” retail environment.
Local employees can breathe a sigh of relief as all local branches have now been confirmed as safe – as long as creditors approve the financial plan agreed today.
Under the proposal, New Look said it has identified 60 out of its total 593 stores in the UK for closure, alongside a further six sites which are sub-let to third parties. The list includes its flagship Oxford Street store in London.
The proposal also includes a reduction in rental costs and revised lease terms across 393 stores.
New Look is seeking creditor approval on the proposal, which is due on 21st March 2018.
All UK stores will remain open as normal during the period of the proposal and the company’s online sales channel will be completely unaffected by the proposed changes.
New Look stores identified for potential closure:
Aberdeen – Bon Accord;
Cardiff – Queen Arcade;
Dundee – Wellgate;
Gateshead – Team Valley;
Glasgow – Buchanan Street Mens;
Hanley Mens – Intu Potteries;
Hull – Whitefriargate;
Leeds – The Core Shopping Centre;
Leicester – Haymarket;
London – Marble Arch;
London – Moorgate/ London Wall;
London – Oxford Circus;
Merry Hill Mens;
Metro Centre – Mens;
Peterbrough Bridge Street;
Reading – Broad Street;
Reading Oracle Mens;
Stockport – Merseyway;
Stratford Upon Avon -Bridge Street;
Torquay – Union Street;