New Look announces store closures with loss of 980 jobs
Written by Dan Williams on 8th March 2018
New Look has announced that it is set to close up to 6 stores. 8 of the stores affected are situated in Wales.
The closures are set to see the loss of approximately 980 jobs.
It is also planning to slash rent on nearly 400 shops as part of a rescue plan.
Stores are set to remain open until creditors vote on the company voluntary arrangement (CVA) on March 21st.
The company said it was looking to close nearly 10% of its 593-strong UK store estate, with a further six sites that are sub-let also due to shut as it pushes ahead with a CVA.
It said the closures would lead to redundancies, with up to 980 jobs out of its workforce of 15,300 under threat, although it said it would look to redeploy staff where possible.
Its rescue plan will also see the group ask landlords to slash the rent and revise leases on 393 stores across the UK.
The stores to close in Wales include Brynmawr and Tredegar in Blaenau Gwent, Queens Arcade in Cardiff, Tonypandy in Rhondda Cynon Taf, Monmouth, Pontypool, Rhyl and New Look Men in Newport.
Here are the 60 stores set to close around the UK
Aberdeen – Bon Accord
Cardiff – Queens Arcade
Dundee – Wellgate
Gateshead – Team Valley
Glasgow – Buchanan Street Mens
Hanley Mens – Intu Potteries
Hull – Whitefriargate
Leeds – The Core Shopping Centre
Leicester – Haymarket
London – Marble Arch
London – Moorgate/ London Wall
London – Oxford Circus
Merry Hill Mens
Metro Centre – Mens
Peterbrough Bridge Street
Reading – Broad Street
Reading Oracle Mens
Stockport – Merseyway
Stratford Upon Avon -Bridge Street
Torquay – Union Street