Fashion chain New Look considering closing 60 outlets, according to reports
PUBLISHED: 11:33 12 January 2018 | UPDATED: 11:38 12 January 2018
High Street clothes retailer New Look is considering a plan to close around 10% of its British stores, according to reports.
Sky News has learnt that the South African-owned chain is drawing up proposals for a Company Voluntary Arrangement (CVA), a process often used by struggling retailers to restructure financial obligations to creditors.
It’s understood the fashion retailer hasn’t made any final decisions - but one option being weighed up is the closure of around 60 outlets.
The fashion chain has stores in many towns in the region including Ipswich, Bury St Edmunds, Sudbury, Beccles, Thetford, Lowestoft, Colchester and Clacton. In Norfolk, New Look has a presence in Norwich, Kings Lynn and Great Yarmouth.
The EADT has contacted New Look but as yet the company has declined to comment.
The news is another sign of the tough retail environment facing the high street.
Before Christmas, Toys r Us announced the closure around a quarter of its stores because of trading difficulties.
Other high street brands including Marks and Spencer, Mothercare and Debenhams have also announced falling sales.