New Look plans to axe Clevedon store
PUBLISHED: 15:38 07 March 2018 | UPDATED: 15:38 07 March 2018
Clevedon’s New Look store could close as the company looks to cut dozens of branches across the UK.
The fashion retailer announced today (Wednesday) the store in The Triangle is one of 60 which could be shut as the business looks to reduce costs.
The company is now tryign to get creditor approval on its plans which is expected to be received on March 21.
New Look executive chairman Alistair McGeorge 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 Company Voluntary Arrangement proposal.
“A priority for us is to keep all potentially affected colleagues informed during this difficult time.”
Almost 1,000 New Look employees could be made redundant nationwide, but the company says it will try to redeploy as many as possible elsewhere within the business.