New Look to close up to 60 stores
The bad news for the UK high street keeps coming with New Look announcing a plan for up to 60 store closures and 980 job losses. The company cites a challenging retail trading environment, driven by weaker consumer confidence, the implications of Brexit and competition from online channels, as necessitating the deal. The proposal, which is set to go to creditors on the 21st March, includes a reduction in rental costs and revised lease terms across 393 stores. New Look currently has 593 UK stores and employs around 15,300 people.