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Concerns over future of New Look stores including Salisbury

New Look Salisbury 2 (Ellie Harries)

5:47am 12th January 2018
(Updated 8:50am 12th January 2018)

New Look is weighing up a plan to close about 10% of its British stores.

It's understood the fashion retailer hasn't made a final decision on anything yet - but it could shut 60 of its outlets.

The fashion chain has a store on Salisbury's High Street.

Sky News has learnt that the South African-owned chain is drawing up proposals for a Company Voluntary Arrangement (CVA), a process often used by struggling retailers to restructure financial obligations to creditors.

Sources said on the plan was not yet finalised though and was only one of a number of options under consideration.

If it does go ahead with the store closures, roughly one-tenth of New Look's nearly-600 outlets in Britain would be axed, with sizeable rent reductions sought at many of the remaining shops.

New Look declined to comment on the potential store closures on Thursday night (January 11th).

New Look Salisbury 3 (Ellie Harries)

TROUBLE ON THE HIGH STREET:

It's another sign of the tough retail environment facing the high street.

Earlier this week, there were concerns over the future of some Bryon burger restaurants - you can read more on that on our news page at www.spirefm.co.uk/news

Before Christmas, Toys r Us decided to close around a quarter of its stores because of trading difficulties.

Stores like Marks and Spencer, Mothercare and Debenhams have also announced falling sales over the festive period, including profit warnings.

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