New Look considering closing 10% of its UK stores?

Editor 9
Found 12th Jan
New Look seems to be the latest company involved in potential high street store closures. Apparently they are considering closing 60 stores (10% as they currently have 600 UK stores) in a bid to reduce costs and rent.
Their like for like profits are down 8% and last night were said to be entering CVA and store closures were being very seriously considered but before being finalised they would need the agreement of the companies bond holders.
Last week the Sunday Times also reported that New Looks credit insurance policy has been withdrawn by many of their suppliers which means they have to pay for all goods upfront.
Certainly not a good time for UK high streets at the moment. Hope they can pull it back.

Sky News article HERE

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Sadly this store is yet another one of the shops that are finding trading difficult .. ... .. It issued a Profits Warning back in November last year as it announced a 6 month loss falling victim to the tough conditions on the high street.

The chain are owned by South African investment group Brait, and for the forst 6 months they announced an operating loss of £10.4m as opposed to a £59.3m profit in the same period last year, with like-for-like sales down nearly 10% and t in the period, while total revenue falling 4.5% to £686m.
This along with M&S, Tesco, Sainbury's and many more are just a nugget in the long list of High Street casualties....
To be fair though - its not the first time we have seen this on the High Street.... Lets just see how this pans out....
Edited by: "cloudthecat" 12th Jan
Not surprised their clothes are rubbish. If they only turned off some of the lights in the stores they could probably save a few million a year, the one in drakes circus has more lights than old Trafford!
I think they've had their time. Their clothes are on a par with Primark quality-wise but cost more. Was given some New Look clothes for xmas. Fell to bits before their first wash.
I like the menswear clothing!
Good proactive move.
All high street must consider or go under.
The move to online is real.
They used to do just fine but over the years the prices have increased more and more so now the clothing is the price of river island,. Next and topshop so its no longer the cheaper option,. I do like the girls stuff in there for my daughter but even a pair of jeans for a 10 year old are now 25 pounds and don't wash that well
Tbh their clothes are tat. Their menswear range is poor too.
Maybe if the buying team were maybe slightly over 18 and bigger than a size 6 they may get more sales. Every sale they have seems to have millions of tiny sizes. And all the jeans are skinny not everyone in the work can carry off skinny jeans. Start catering for the age group that built new look to what it is. Everyone gets older but still wants to be fashionable.
I used to shop here but the clothes quality went down hill and they stopped making fashionable stuff in the larger sizes. All their plus size clothes resemble bin bags. Nothing flattering at all. If they catered more for everyone and not just the young skinny people maybe they would do better. Also no good in men's store as my son's have 35 and 38 inch inside legs and they only do bog standard sizes. Nothing for taller people.
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