New Look shuts 60 stores risking 1000 jobs in UK

New Look is axing  980 jobs as it plans to shut 60 stores and slash rent on over 400 shops as part of restructuring rescue deal according to the company.

The clothing giant, which has 906 shops worldwide is working with insolvency experts at Deloitte and plans to shut 10 per cent of its stores In UK as it goes ahead with a company voluntary agreement. This procedure requires approval from landlords on March 21 and includes rent reduction at 393 stores. Last month New Look posted a pre-tax loss of £123m for the three-month period to the end of December 2017, with sales dropping 11 per cent. 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 measures to reduce our fixed cost base and restore long-term profitability.”