New Look to cut 60 stores and cut 1,000 jobs

New Look will close 60 UK stores and cut 1,000 jobs after creditors approved a restructuring plan for the retailer.

The stores will close within 12 months and some staff may be redeployed.

The plan will cut the chain’s rents by between 15% to 55% across its remaining 393 stores. New Look says it was paying over the odds on many of its stores. But landlords may feel they’re the ones having to take a huge financial hit because of management failures.

Landlords may now use the break clauses allowed as part of this CVA to bring in new tenants willing to pay more rent.

If you are considering a company merger, acquisition, takeover or joint venture or are in the midst of a shareholder dispute or share capital transaction or need business advice please contact us.

Call 0161 624 6811 to speak to John Porter and Soibi Iketubosin in our Company/Commercial Department or email jap@wrigleyclaydon.com or si@wrigleyclaydon.com

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Shalish Mehta

Shalish is an experienced dispute resolution solicitor who joined the firm in 2002 ago upon qualifying as a solicitor and provides a proactive approach whilst retaining the personal touch to help you achieve the best possible outcome for your case. He acts on behalf of both private individuals and commercial clients. He can assist and advise at any stage of a dispute including mediation through to court action and injunctions. Shalish is a keen sportsman, regularly playing cricket and five-a-side football and also watching live sport. He enjoys city breaks and takes great pleasure in sampling different cuisines from around the world. Shalish is fluent in Gujarati and will happily represent those for whom Guajarati is the first language, in English. He is also happy to offer his services as a translator to our clients as necessary. What clients say about Shalish: “We feel the service was perfect and found our solicitor, Shalish Mehta, very professional and helpful in all aspects”