Advert

Latest

23 minutes ago
Advert
an hour ago
Advert

Most Popular

18 hours ago
Advert

New Look Could Shut Up To 100 Of Its Stores On The High Street

New Look Could Shut Up To 100 Of Its Stores On The High Street

New Look could close almost 100 of its clothing stores in an attempt to help it survive on the high street.

This means that up to a sixth of the fashion brand's shops could close their doors in a revamp designed to cut back costs and improve profitability across the company.

The business confirmed that 85 of its stores had closed or were in the process of closing, and another 13 more could shut.

Credit: PA Images
Credit: PA Images
Advert

And 26 of its shops trade rent-free, with New Look or the landlords being able to end this deal at anytime.

Creditors approved New Look's plans to shut 60 stores and cut 1,000 jobs in March this year.

These new plans mean that many more employees could lose their jobs on top of the cuts already.

Reports suggest another 800 jobs could be lost.

Advert

The chain is trying to move employees to new roles within the company where possible.

More Like ThisMore Like This

1 of 6
Style

Primark Announces Reopening Date For All Of Its Stores In England

Sales recently fell for the company by 3.7 per cent - although that figure was an improvement on 8.6 per cent for the same time period last year.

New Look has seen a huge boost in its profits recently, as it improved from a loss of £10.4 million last year to a profit of £22.2 million.

Advert
Credit: PA Images
Credit: PA Images
Topshop Flagship Store On Oxford Street Closes Its Doors Amid Reports It's For Sale
Style

Topshop Flagship Store On Oxford Street Closes Its Doors Amid Reports It's For Sale

published at17 days ago

Executive chairman Alistair McGeorge said: "Clearly the wider retail environment remains challenging and we are not expecting that to change anytime soon.

"However, we are on the right track and continue to drive further efficiencies across the business."

New Look tried to improve its profitability with more full-price sales as well as an expanded online operation to offer customers more choice.

Advert

This helped the fashion brand to save £70 million, and it believes it can save another £8 million, although it's unclear where these cuts would be.

New Look is reviewing its international operations, and has already pulled out of China where it had 100 stores.

Featured Image Credit: PA Images

Topics: Life News, Shopping, News, Style News, Fashion News, Real, Fashion

Chosen for YouChosen for You

Gigi Hadid And Zayn Malik Finally Reveal Baby Name
published at23 minutes ago

Most Read StoriesMost Read

Entertainment

BREAKING: Bridgerton Has Been Officially Renewed For Season 2

published at18 hours ago

Rachel Andrews

Rachel Andrews is an NCTJ trained Journalist at PRETTY52. She specialises in Fashion and Beauty Journalism, and has experience at a range of online and print publications and joined the team in 2017. Contact her - [email protected]