New Look stores could close

Lloyd Doyle
January 13, 2018

The South-African owned chain is drawing up proposals for a Company Voluntary Arangement (CVA). It has nearly 600 stores in Britain.

Although sources have stressed this was just one of a number of options being considered by the retailer, it adds weight to speculation that New Look is in financial straits.

New Look is the latest in a long list of big name stores who've gone through the same problems.

Clothes retailer New Look which has a Manchester Arndale store is planning to close about 10% of its British stores in another sign of the tumult facing the high street.

The fashion chain, owned by South Africa's Brait, is in the middle of a turnaround plan after bringing back its old management to revive the business following a steep fall in sales and mounting losses.

New Look's performance has stuttered during the a year ago, wit‎h former boss Alistair McGeorge returning as its executive chairman in November.

Last weekend, The Sunday Times reported that credit insurance had been withdrawn to many of New Look's suppliers, a move that would force the company to pay for products up-front.

The EADT has contacted New Look but as yet the company has declined to comment.

Other reports by Iphone Fresh

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