Future of New Look stores in Rugby revealed as company announces rescue plan

New Look has announced a nationwide rescue plan including store closures, job loses and rent reductions.

Wednesday, 7th March 2018, 4:19 pm
Updated Wednesday, 7th March 2018, 4:24 pm
New Look

Earlier today the firm announced it would be closing a store in 'Rugby' but did not provide any more information until asked by our reporter.

Following our inquiries, New Look said that it will be closing its store in the Rugby Central shopping centre (formerly the Clocktowers).

Its store on the Elliott's Field Retail Park will remain open.

Nationwide up to 980 jobs are being axed at New Look under plans to shut 60 stores and cut rent on nearly 400 shops as part of a rescue deal, the fashion retailer has said.

The company is instigating a Company Voluntary Arrangement (CVA) and seeking approval from creditors on a plan to improve the operational performance of the company.

The company has now identified 60 out of its 593 stores that face closure - including the one in Rugby town centre - as well as six other sites which are sub-let to third parties.

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