New Look shoppers will be pleased to hear all Greater Lincolnshire branches of the fashion brand have been saved from a round of closures across the country.
The struggling clothing retailer has announced plans to potentially shut 60 of its 590 stores in UK.
In the start of the year, the future of Lincolnshire stores was blurry. However, it has now been made clear that Lincolnshire stores will operate without any danger of shutting down, for now.
It’s blaming weaker consumer confidence, “the implications of Brexit” and competition online for its decision to go into a Company Voluntary Arrangement CVA.
This action has been taken after a major decline in the revenue of the company.
The fashion outlet’s cutback will affect approximately 980 jobs, but the company said it hopes to redeploy staff.
While the final decision is yet to be taken, all UK stores will remain open as normal.
Daniel Butters, partner at Deloitte, said: “It is important to stress that no stores will close on day one, and employees, suppliers and business rates will continue to be paid on time and in full.”
Irrespective of the final decision, the company has assured that the online sales will not be affected by this nationwide closure.
Alistair McGeorge, executive chairman of New Look, said: “Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability.
“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal.
“A priority for us is to keep all potentially affected colleagues informed during this difficult time.”
New Look is the latest big High Street chain to announce financial issues.
Toys ‘R’ Us and Maplin announced administration last week and restaurant brands including Prezzo and Lincoln’s Chimichanga were also lined up for closure.
The Lincolnite welcomes your views. All comments are reactively-moderated and must obey the house rules. Please stay on topic and be respectful of other readers.
A Lincoln resident is frustrated with vehicles parking on single yellow lines on Lincoln High Street, while the county council says the current regulation order means it’s unable to enforce the area properly, despite signage saying cars cannot park there.
Richard Bridgen has been living off Riverside Drive in Lincoln for around five years now, and over recent months he has noticed a particular trend around parking on a section of the High Street, which can impede his view as he tries to turn from Gaunt Street.
Lincoln residents in the Boultham area have become increasingly hesitant to report crime, citing concerns that the shortage in police staffing will lead to a lack of response.
Lincolnshire County Councillor Kevin Clarke (Labour) reports being contacted by multiple residents in the last few months who have suffered break-ins at their homes or gardens. Despite these incidents, they claim to have received minimal support from Lincolnshire Police.
Whatsapp
