New Look Could Close 60 Stores Nationwide
- High Street retailer struggling with online competition
- Trying to put a deal together to stay in business
- Could close as many as 10% of stores
- One of many high street stores who under performed at Christmas
New Look is looking at plans to close 60 of its’ stores in the UK.
The high street retailer has been struggling, and is one of many to be hit by poor sales figures over Christmas and Black Friday.
It is one of several possible proposals that the brand is writing up as part of a Company Voluntary Arrangement, CVA.
CVA is a legally binding process that would allow New Look’s debt to be broken up and paid off over a longer period of time.
If the store closures go ahead, then over 10% of the brands will shut, costing hundreds of jobs in the process.
Before Christmas, Toys R Us had to close 26 of its’ stores as it struggled to prevent bankruptcy.