Yorkshire stores under threat as New Look announces potential closures

High Street retailer New Look has announced that it has entered into company voluntary arrangements - putting 60 UK stores under threat of closure, three of which are in Yorkshire, along with hundreds of jobs.

Wednesday, 7th March 2018, 3:28 pm
Updated Wednesday, 7th March 2018, 3:30 pm

On the list of 60 potential closures, the unit in The Core Shopping Centre in Leeds city centre, the Whitefriargate store in Hull and the Men's outlet in Doncaster are all named.

The proposals also includes a reduction in rental costs and revised lease terms across 393 stores.

The company has also warned of 980 out of the 15,300 UK employees are at risk of redundancy.

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All UK stores will remain open as usual and the online channels will be unaffected.

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.”

Daniel Butters and Neville Kahn of Deloitte LLP, the business advisory firm, have been appointed as Nominees to the CVA.