New Look set to shut in Stratford

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Fashion chain New Look looks set to close its Bridge Street store in Stratford as part of a restructuring of the business.

The store is one of sixty across the country earmarked for potential closure after the company entered into a company voluntary arrangement, enabling the business to pay off its debts while trading.

The closures represent around ten per cent of its total stores in the UK and the proposal also includes a reduction in rental costs and revised lease terms across 393 stores.

There are no plans to shut the chain’s outlet at the Maybird Shopping Park.

The company confirmed that the process would lead to a maximum of 980 redundancies.

New Look is seeking creditor approval on the proposal, which is due on 21st March. All UK stores will remain open as normal during the period of the proposal and the company’s online sales channel will be completely unaffected by the proposed changes.

Alistair McGeorge, executive chairman of New Look, 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.

“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time.”