The fashion retailer is reportedly weighing up a plan to close 10% of its stores in a plan almost identical to Toys R Us’s shutdown surge.
Sources say New Look is drawing up proposals for a Company Voluntary Arrangement (CVA) – which effectively puts debts on hold so the firm can come up with a new financial plan.
BHS (British Home Stores) closed amid controversy surrounding chairman Philip Green in 2016
If the move goes ahead, around 10% of New Look’s nearly 600 stores in Britain will be axed.
Sizeable rent reductions could also be sought at many of the remaining shops.
A familiar sight in every high street in Britain
New Look could become the latest casualty of Britain’s suffering High Street, which has lost huge names such as BHS, JJB and Woolworths over the years.
And in recent days it has emerged Debenhams, M&S and Mothercare are hearing alarm bells in their trading updates.
Card charges will be banned from tomorrow
It came days after it was announced credit insurance for many of New Look’s suppliers had been axed amid poor performance at the retailer.
Daily Star Online has contacted New Look for comment.