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.
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.’
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