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Mandatory Credit: Photo by Dinendra Haria/REX/Shutterstock (9303180ao)
Shoppers walk past the New Look store in Westfield, Stratford City, East London.
Shops at Westfield, Stratford, London – 10 Nov 2017

Embattled retailer New Look is set to axe 980 jobs and shut 60 of its stores in a desperate bid to avoid collapse. The chain also said it was looking to close nearly 10% of its 593-strong UK store estate as the company looks to slash its debts.

 

Rescue plan proposals will also see the group ask lanlords to slash the rent and revise leases on nearly 400 shops across the UK. While a further six sub-let sites are also due to shut as the company pushes ahead with a company voluntary arrangement (CVA). New Look said it would look to redeploy staff where possible.

File photo dated 06/01/16 of a shop sign for New Look, as the company has said that up to 980 jobs are being axed at retailer New Look under plans to shut 60 stores and slash rent on nearly 400 shops as part of a rescue deal. PRESS ASSOCIATION Photo. Issue date: Wednesday March 7, 2018. New Look cited high rental costs and challenged trading amid a “difficult retail environment” as it announced the Company Voluntary Arrangement (CVA). See PA story CITY NewLook. Photo credit should read: Nick Ansell/PA Wire

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 that all stores will remain open as normal until creditors vote on the CVA proposal on March 2.

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