Retailer New Look to axe almost 1,000 jobs and shut 60 stores

Almost 1,000 jobs are being axed at embattled retailer New Look under proposals to shut 60 stores and slash rent on nearly 400 shops as part of a rescue plan.

New Look is set to close 60 stores nationwide

New Look said it was looking to close nearly 10 per cent of its 593-strong UK store estate. A further six sites that are sub-let are also due to shut as it pushes ahead with a company voluntary arrangement (CVA).

The clothing company said the closures would lead to redundancies, with up to 980 jobs out of its workforce of 15,300 under threat, although it said it would look to redeploy staff where possible.

The rescue plan will also see the group ask landlords to slash the rent and revise leases on 393 stores across the UK.

Alistair 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.”

New Look confirmed all stores will remain open as normal until creditors vote on the CVA proposal on 21 March.