New Look to stay open in Newbury
Two stores in Newbury have had a reprieve after a major cost-cutting exercise by New Look.
The clothes chain is closing 60 of its stores across the UK – including two in Reading.
Luckily for staff working at the chain’s Parkway and Newbury Retail Park outlets, those stores did not make the closure list.
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.”