The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Retail Retail Trade, Except Of Motor Vehicles And Motorcycles Retail Sale Of Other Goods In Specialised Stores 47.71 - Retail sale of clothing in specialised stores
980 jobs Number of planned job losses
Announcement Date
21 March 2018
Employment effect (start)
1 September 2018
Foreseen end date
31 March 2019
Description
Fashion retailer New Look has confirmed plans to close 60 of its 593 stores and make 980 redundancies out of a total headcount of 15,300, as part of a rescue package to keep the business operational. The company had been forced to enter into a Company Voluntary Arrangement (CVA) with its creditors. The deal will see rents reduced on 393 stores in the portfolio. The deal had been announced earlier in March, but was subject to final approval from creditors. The decision to approve the deal was seen by many commentators as inevitable, given the current financial position of many high street retailers. Final decisions on which stores will be closed will be confirmed by New Look in due course, and it is understood that the closures will take place between six and twelve months following this announcement.
Sources
21 March 2018: BBC Website
21 March 2018: The Independent
Citation
Eurofound (2018), New Look, Internal restructuring in United Kingdom, factsheet number 93712, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/93712.
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