New Look to cut 60 stores putting nearly 1000 jobs at risk

Struggling fashion chain New Look has announced plans to close 60 stores Credit: PA

New Look has agreed to a restructuring plan with creditors that will see it close 60 stores, putting up to 980 jobs at risk.

The closures account for 10% of its UK store estate but the company will look to redeploy staff where possible.

The turnaround plan will cut the fashion chain's rents by between 15% to 55% across its remaining 393 stores.

Following the announcement stores will shut within six to 12 months’ time, "but no stores will close on day one", the company said.

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."

It is hoped the plans will mean New Look avoid the same fate as BHS (pictured) Credit: PA

New Look is just the latest High Street brand facing a survival-of-the-fittest battle with rising costs and consumer spending that has been squeezed by inflation and stagnant wages.

Despite the closures the company's online sales channel will be completely unaffected.

Daniel Butters, partner at Deloitte, who are the administrators for the retailer added: "The retail trading environment in the UK remains extremely challenging, driven by weaker consumer confidence, the implications of Brexit and competition from online channels.

"It is important to stress that no stores will close on day one, and employees, suppliers and business rates will continue to be paid on time and in full."

The list of New Look stores set to close:

  • Aberdeen - Bon Accord

  • Beckton

  • Bolton (New Look Men store)

  • Borehamwood

  • Brynmawr

  • Burton (New Look Men)

  • Cameron Toll

  • Cardiff - Queen Arcade

  • Cheshunt

  • Clevedon

  • Craigleith

  • Doncaster (New Look Men)

  • Dundee - Wellgate

  • Exeter (New Look Men)

  • Fleet

  • Gateshead - Team Valley

  • Glasgow - Buchanan Street (New Look Men)

  • Gorleston

  • Hanley (New Look Men)- Intu Potteries

  • Hounslow (New Look Men)

  • Hull - Whitefriargate

  • Keynsham

  • Kingswood

  • Leeds - The Core Shopping Centre

  • Leicester - Haymarket

  • London - Marble Arch

  • London - Moorgate/ London Wall

  • London - Oxford Circus

  • Maidenhead

  • Maidstone (New Look Men)

  • Merry Hill (New Look Men)

  • Metro Centre (New Look Men)

  • Monmouth

  • Newport (New Look Men)

  • Newton Mearns

  • North Shields

  • Nottingham (New Look Men)

  • Ocean Terminal

  • Peterbrough Bridge Street

  • Pontypool

  • Portswood

  • Ramsgate

  • Reading - Broad Street

  • Reading Oracle (New Look Men)

  • Rhyl

  • Romford (New Look Men)

  • Rugby

  • Shrewsbury (New Look Men)

  • Sidmouth

  • Stockport - Merseyway

  • Stockton-on-Tees

  • Stratford Upon Avon - Bridge Street

  • Thornaby

  • Tonypandy

  • Torquay - Union Street

  • Tredegar

  • Troon

  • Wallsend

  • Weston Favell

  • Wigan (New Look Men)