Home Retail More Store Closures for New Look

More Store Closures for New Look

New Look is set to close about 100 UK stores as part of its drive to cut costs and improve profitability.

The fashion retailer said in March it would be closing 60 stores but has now that number had risen to 85. Talks with landlords on 13 stores continue, while the fate of 26 shops trading rent-free was unclear.

Despite falling sales, underlying operating profits improved to £22.2m compared with a loss of £10.4m last year.

Executive chairman Alistair McGeorge said retailers continued to face “significant headwinds and uncertainties, including Brexit”.

“Clearly the wider retail environment remains challenging and we are not expecting that to change anytime soon. However, we are on the right track and continue to drive further efficiencies across the business,” he said.

New Look aimed to improve profitability with more full-price sales and an expanded online operation.

Savings of £70m had been achieved, and a further £8m identified, it added.

Last month the chain exited China as another company failing to break into the Market.

 

James Caldwell
Editor for the Business Bible. James took on the role in March 2019 and shares his vast experience of International Business and Trade. James was previously Director of an international events company in Manchester and still remains active in the events industry.

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