New Look closures: High St could shut down SIXTY shops in UK

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THE DYING British High Street has suffered another major blow – with a big name set to close dozens of stores.

Another hole will be punctured in towns and cities across the UK as retail giant New Look mulls over plans to shut 60 shops.

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.


New Look storeGETTY


CLOSURE PLAN: New Look is reportedly looking to close 10% of all its UK stores

Toys R Us has been given the green light for its CVA, allowing it to close 25 of its 105 shops across the UK.

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.


New Look storeGETTY


NEXT CASUALTY? New Look could pull dozens of stores from UK towns and cities

Landlords and other creditors will be asked to vote on the plan later this year if agreed.

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.


New Look storeGETTY


UNDER PRESSURE: Booming online retail is pushing big brand names out of UK High Streets

Just yesterday Daily Star Online reported M&S was rocked by falling sales over Christmas.

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.






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