60 stores to close under New Look CVA

New Look to demand rent reducctions on remaining stores

Ailing fashion brand New Look has appointed Daniel Butters and Neville Kahn of Deloitte as nominees to a proposed CVA that will see 60 stores closed, and rents slashed on the remainder of the 593-strong store estate.

Landlords and other creditors will be asked to vote on the proposal on March 2. The estores earmarked for closure include the Oxford Street flagship in London as well as branches in major malls across the UK.

Charlotte Pearce, retail analyst at GlobalData, said: ‘‘With a loss of brand appeal and growing irrelevance among its core UK shopper base, New Look has today confirmed its plan of action – a proposed CVA. The inclusion of selected standalone menswear stores in the sites identified for closure indicates yet another unsuccessful strategy for the retailer.

“The retailer’s plan to close just 10 per cent of its UK store estate is not enough and New Look must continue to rationalise its remaining oversized store network given it is a huge encumbrance for the retailer. A leaner store estate will improve space productivity, increase profit per store and provide a more consistent brand image, which is much needed for the retailer’s survival.”

The closure list:
Aberdeen – Bon Accord
Beckton
Bolton (menswear store)
Borehamwood
Brynmawr
Burton (menswear store)
Cameron Toll
Cardiff – Queen Arcade
Cheshunt
Clevedon
Craigleith
Doncaster (menswear store)
Dundee – Wellgate
Exeter (menswear store)
Fleet
Gateshead – Team Valley
Glasgow – Buchanan Street (menswear store)
Gorleston
Hanley (menswear store) – Intu Potteries
Hounslow (menswear store)
Hull – Whitefriargate
Keynsham
Kingswood
Leeds – The Core Shopping Centre
Leicester – Haymarket
London – Marble Arch
London – Moorgate/ London Wall
London – Oxford Circus
Maidenhead
Maidstone (menswear store)
Merry Hill (menswear store)
Metro Centre – (menswear store)
Monmouth
Newport (menswear store)
Newton Mearns
North Shields
Nottingham (menswear store)
Ocean Terminal
Peterbrough Bridge Street
Pontypool
Portswood
Ramsgate
Reading – Broad Street
Reading Oracle (menswear store)
Rhyl
Romford (menswear store)
Rugby
Shrewsbury (menswear store)
Sidmouth
Stockport – Merseyway
Stockton-on-Tees
Stratford Upon Avon -Bridge Street
Thornaby
Tonypandy
Torquay – Union Street
Tredegar
Troon
Wallsend
Weston Favell
Wigan (menswear store)

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