New Look has announced a CVA proposal that brings speculation to a close. It hopes to close as many as 60 of its stores, revise lease terms and reduce rents on the remaining 393, and pave the way for just under 1000 redundancies from its total headcount of 15300. With creditor approval due on March 21st, the retailer has said that it will endeavour to redeploy affected staff wherever it can. The retailer has confirmed that proposed changes will not affect its online sales channel.
New Look executive chairman Alistair McGeorge 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. A priority for us is to keep all potentially affected colleagues informed during this difficult time.”
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