New Look has revealed it will close 60 sotres in the next year, and 1,000 jobs will be cut.
The fashion company’s new business strategy will cut cost of the rent of the brand, but fans of the chain will see the stores dissapearing from their high street.
The executive chairman of the company said it was a “tough decision” to make the closures, leaving thousands out of work.
Executive chairman Alistair McGeorge said: “It is clear we need to reduce our fixed cost base. We are therefore pleased to have gained the support of our creditors to address our over-rented store estate.”
The company also hopes to focus the brand on customers ahed 25 to 45.
The business has 594 outlets in UK and 213 outlets in Europe, China and the rest of Asia.
New Look is the latest in a number of fashion chains that have been forced to readdress their business plan, after fewer and fewer people are shopping on the high street.
Express.co.uk revealed a full list of the stores set to close on May 7.
At the time a statement released by the company stated: “New Look today announces a proposal to reduce its UK store estate and rental costs amid challenged trading performance and a difficult retail environment.
“The Company is today instigating a Company Voluntary Arrangement (CVA) and seeking approval from creditors on a plan to improve the operational performance of the Company.
“Under the proposal, New Look has identified 60 out of its total 593 stores in the UK for potential closure, alongside a further six sites which are sub-let to third parties.
“The proposal also includes a reduction in rental costs and revised lease terms across 393 stores.”
NEW LOOK STORES CLOSING
Aberdeen – Bon Accord
Beckton
Bolton Mens
Borehamwood
Brynmawr
Burton Mens
Cameron Toll
Cardiff – Queen Arcade
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
