More woes for high street
New Look shutting stores as 1,000 jobs go
New Look: over-rented estate
Retailer New Look is closing 60 stores, including eight in Scotland, with the loss of up to 980 jobs.
The company has agreed a restructuring plan with creditors that will see it secure rent reductions on 393 stores. The closures affect nearly 10% of its 593-strong UK store estate.
Stores closing in Scotland include Buchanan Street in Glasgow, Wellgate in Dundee, Craigleith and Ocean Terminal in Edinburgh.
New Look chairman Alistair McGeorge said: “In order to help restore long-term profitability, it is clear we need to reduce our fixed cost base.
“We are therefore pleased to have gained the support of our creditors to address our over-rented store estate. Launching a CVA [company voluntary arrangement] has been a tough decision and our priority remains keeping all potentially affected colleagues informed during this difficult time.
New Look is the latest retailer to feel the chill following the collapse of Toys R Us and Maplin last month.
Carpetright looks likely to announce store closures while Moss Bros issued a profits warning and Mothercare is also struggling.