New Look store in Leeds under threat of closure

A New Look outlet in Leeds city centre is under threat of closure after the company announced entering company voluntary arrangements.

Based in The Core Shopping Centre, the outlet is on a 60-strong list of potential store closures with a possible 980 redundancies nationwide.

Other stores in Yorkshire include the Whitefriargate store in Hull and the Men's outlet in Doncaster.

The proposals also includes a reduction in rental costs and revised lease terms across 393 stores.

The company has also warned of 980 out of the 15,300 UK employees are at risk of redundancy.

All UK stores will remain open as usual and the online channels will be unaffected.

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.”

Daniel Butters and Neville Kahn of Deloitte LLP, the business advisory firm, have been appointed as Nominees to the CVA.

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