980 Jobs in Jeopardy at Clothing Retailer New Look

Fashion retailer New Look is planning to close 60 stores as part of a rescue mission to help it avoid going into administration.

Of the 15,300-strong workforce, around 980 will face redundancy and rents at around 400 stores will be slashed. New Look said it faced a "difficult trading environment" and the plans still need approval from creditors.

The retailer – which has 593 stores in total, including one in Sale – hopes to redeploy employees within the business where possible. Chairman Alistair McGeorge described the cuts as "tough but necessary."

The firm said it had been struggling with its high rental costs and had asked landlords for leeway so it could "restore profitability."

David Butters, a partner at Deloitte, said:

"New Look is an iconic brand on the High Street and the Company Voluntary Agreement will provide a stable platform upon which management's turnaround plan can be delivered.

"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."

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Employment Law