New Look has closed two stores in our region in the last four months
PUBLISHED: 17:42 08 November 2018
Find out where New Look has closed down stores and what its plans are for those remaining
The clothing chain New Look has confirmed that it has closed stores in both Felixstowe and Thetford in the last four months.
It could close as many as 100 more UK stores, as part of a radical plan to cut costs and improve profitability.
This includes the 60 stores marked for closure under a company voluntary arrangement (CVA) approved in March.
Executive chairman Alistair McGeorge has said 85 stores will definitely close after negotiations with landlords.
Discussions are ongoing regarding a further 13 stores, of which Mr McGeorge said around half were likely to close.
New Look has stores in Bury St Edmunds, Ipswich and Sudbury in Suffolk, as well as in Colchester, Witham, Braintree and Clacton in North Essex and in Norwich, Beccles, Great Yarmouth and King’s Lynn in Norfolk.
A spokesperson for the chain confirmed that there are no current plams to close the stores in Suffolk and North Essex.
The company’s new strategy has so far yielded higher profits, but sales continue to decline.
Figures released on Tuesday show that the company posted an underlying operating profit of £22.2m for the first half, compared to a loss of £10.4m the same period last year.
But revenue declined by 4.2% to £656.9m.
Like-for-like sales under the New Look brand dropped by 3.7%, a slower rate than last year’s 8.6% drop.
Annualised cost savings of £70m have now been achieved, with another £8m to be added.