News 980 staff at risk as New Look closes 60 stores

Discussion in 'Retail' started by Cody, Mar 7, 2018.

  1. Cody

    Cody

    Joined:
    Feb 17, 2016
    Messages:
    1,428
    New Look has recently just announced a company voluntary agreement that confirms the potential closure of 60 stores (out of 593) which will see the result of 980 members of staff made redundant if the proposal is agreed to.

    Despite the high chance of redundancies, the chain does however say that those 980 members of staff will be placed elsewhere within their business if possible.

    All other stores will operate as normal with no impact, and their members of staff will still be paid.

    The creditor approval is due on March 21st.

    I've spoken about this time after time. The high street is failing, and there are tons of reasons for this; consumer spending is low, there are cheaper and better alternatives and to top it off high street rent is highly expensive.

    New Looks 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.”

    It's been confirmed that in the 39 weeks up to December 23rd, New Look made an underlying loss of £5.1 million.

    The stores included for potential closure are:
    • Aberdeen - Bon Accord;
    • Beckton;
    • Bolton Mens;
    • Borehamwood;
    • Brynmawr;
    • Burton Mens;
    • Cameron Toll;
    • Cardiff - Queen Arcade;
    • Cheshunt;
    • Clevedon;
    • Craigleith;
    • Doncaster Mens;
    • Dundee – Wellgate;
    • Exeter Mens;
    • Fleet;
    • Gateshead - Team Valley;
    • Glasgow - Buchanan Street Mens;
    • Gorleston;
    • Hanley Mens - Intu Potteries;
    • Hounslow Mens;
    • Hull – Whitefriargate;
    • Keynsham;
    • Kingswood;
    • Leeds - The Core Shopping Centre;
    • Leicester – Haymarket;
    • London - Marble Arch;
    • London - Moorgate/ London Wall;
    • London - Oxford Circus;
    • Maidenhead;
    • Maidstone Mens;
    • Merry Hill Mens;
    • Metro Centre – Mens;
    • Monmouth;
    • Newport Mens;
    • Newton Mearns;
    • North Shields;
    • Nottingham Mens;
    • Ocean Terminal;
    • Peterbrough Bridge Street;
    • Pontypool;
    • Portswood;
    • Ramsgate;
    • Reading - Broad Street;
    • Reading Oracle Mens;
    • Rhyl;
    • Romford Mens;
    • Rugby;
    • Shrewsbury Mens;
    • Sidmouth;
    • Stockport – Merseyway;
    • Stockton-on-Tees;
    • Stratford Upon Avon -Bridge Street;
    • Thornaby;
    • Tonypandy;
    • Torquay - Union Street;
    • Tredegar;
    • Troon;
    • Wallsend;
    • Weston Favell;
    • Wigan Mens
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