New Look announces 60 closures
PUBLISHED: 15:13 07 March 2018 | UPDATED: 16:41 07 March 2018
The young fashion chain New Look, which has branches in Hatfield and Welwyn Garden City, is facing numerous closures nationwide.
60 branches of the New Look fashion chain have been earmarked for potential closure across the UK.
The company, which has branches in Hatfield and Welwyn Garden City, is looking to slash nearly 10 per cent of its shops in order to save on rental costs.
The company has entered into a Company Voluntary Arrangement (CVA), a form of agreement that allows companies with debt issues to agree a way to make repayments to its creditors.
Neither the New Look in Welwyn Garden City’s Howard Centre nor in Town Centre in Hatfield appear on the list of potential closures.
Landlords of 393 of the remaining branches may be approached for lower rents, however.
New Look executive chair Alistair McGeorge 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.
“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time.”