New Look stores to shut as rescue plan agreed
Six New Look stores in the West Midlands are to close after landlords accepted the retailer’s proposals to enter a Company Voluntary Arrangement (CVA).
Burton Mens, Hanley Mens at Intu Potteries, Merry Hill Mens, Rugby, Shrewsbury Mens, and Stratford Upon Avon Bridge Street will all close within the next 12 months.
In total nearly 1,000 jobs will be lost once 60 stores are shut nationwide.
New Look has around 600 stores and has agreed rent cuts of up to 55% in two-thirds of its sties.
Daniel Butters and Neville Kahn of Deloitte have been appointed to oversee the CVA.
New Look is being led by Alistair McGeorge who became executive chairman in November, a job he had previously held for two years from 2011.
It has suffered from the challenging retail environment and becomes the latest high street casualty, after Toys R Us and Maplin appointed administrators. Carpetright and Mothercare are also under pressure to find a viable solution to their struggles.
