New Look is set to cut 60 stores from its UK portfolio as it faces challenging trading conditions and a difficult retail environment. However, shoppers on the South Coast can be reassured as all local branches have been spared, subject to creditor approval of the financial rescue plan.
The fashion retailer announced plans to close 60 of its 593 UK stores, including its flagship Oxford Street store in London. In addition, six stores sub-let to third parties are also scheduled for closure. Along with these closures, New Look intends to reduce rental costs and renegotiate leases for 393 other stores to ensure the business remains viable. This financial rescue plan is awaiting creditor approval on 21st March 2018.
Until the approval is granted, all UK stores will remain open and online sales will continue as normal.
Residents and shoppers in the South Coast region can take comfort in the fact that none of their local stores are included in the closure list. Unlike many other cities across the UK, such as Aberdeen, Bolton, Cardiff, Dundee, Glasgow, Hull, Leeds, London, Reading, Stockport, Torquay, and Wigan, South Coast stores are currently safe from closure. Staff and customers in this area can continue their routines without disruption, provided creditors approve the rescue plan.
Stores marked for closure include locations in Aberdeen (Bon Accord), Bolton (Mens), Cardiff (Queen Arcade), Dundee (Wellgate), Glasgow (Buchanan Street Mens), Hull (Whitefriargate), Leeds (The Core Shopping Centre), London (Oxford Circus, Marble Arch, Moorgate/London Wall), Reading (Broad Street and Oracle Mens), Stockport (Merseyway), Torquay (Union Street), Wigan (Mens), and many more across the UK.
This restructuring highlights the difficult reality facing British high streets today. Nevertheless, for now, South Coast shoppers and staff can breathe a sigh of relief as their stores remain open.
Originally published by UKNIP.
