Chichester looks safe as New Look announces plans to shut 60 stores
Fashion chain New Look has announced that 60 stores could close as it seeks to stave off liquidation.
New Look has identified 60 out of its total 593 stores in the UK for potential closure in an attempt to save itself.
The company is today attempting to reach a Company Voluntary Arrangement (CVA), a legally binding agreement with creditors.
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.
“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.”
Up to 980 staff could be made redundant from stores in the list, but the company hopes to redeploy as many as possible elsewhere in the group.
However neither Chichester nor Bognor’s branches are included in the initial list.
List in full:
Aberdeen – Bon Accord, Beckton, Bolton Mens, Borehamwood, Brynmawr, Burton Mens, Cameron Toll, Cardiff – Queen Arcade, Cheshunt, Clevedon, Craigleith, Doncaster Mens, Dundee – Wellgate, Exeter Mens, Fleet, Gateshead – Team Valley, Glasgow – Buchanan Street Mens, Gorleston, Hanley Mens – Intu Potteries, Hounslow Mens, Hull – Whitefriargate, Keynsham, Kingswood, Leeds – The Core Shopping Centre, Leicester – Haymarket, London – Marble Arch, London – Moorgate/ London Wall, London – Oxford Circus, Maidenhead, Maidstone Mens, Merry Hill Mens, Metro Centre – Mens, Monmouth, Newport Mens, Newton Mearns, North Shields, Nottingham Mens, Ocean Terminal, Peterbrough Bridge Street, Pontypool, Portswood, Ramsgate, Reading – Broad Street, Reading Oracle Mens, Rhyl, Romford Mens, Rugby, Shrewsbury Mens, Sidmouth, Stockport – Merseyway, Stockton-on-Tees, Stratford Upon Avon -Bridge Street, Thornaby, Tonypandy, Torquay – Union Street, Tredegar, Troon, Wallsend, Weston Favell, Wigan Mens.
For more Chichester news, click here.