With retailers in trouble and sales falling, New Look is at risk of collapse.


New Look, the struggling fashion retailer, has confirmed it may close stores as the New management team closes stores to prevent sales from falling.
To see in a new executive chairman, alistair mike said George, private equity funds in support of the retailers in weighing the voluntary arrangement (CVA), referred to as the enterprises for retailers to close losses through efforts stores or restructuring process agreed to reduce rent with the landlord.
“A CVA is one of the options we are considering,” said McGeorge, he says, since he is absent in the four years later, back in November at the helm, he is still in the business to determine the cost savings of 25 million.
New Look has 594 stores in the UK, and about 60 stores are thought to be at risk of collapse, accounting for 10 per cent of the total.
In the previous management team, led by anders Thomas christiansen pushing up prices and start selling “is too young and tight clothing”, Michael George was landing to leading retailers, where the sales and profits has collapsed… We sell clothes at the wrong price and the target is the wrong person.
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Sales fell 6.3% to 1.1 billion pounds in the 39 weeks ended Dec. 23, leading to a pre-tax loss of 123 million pounds. In the UK, similar sales fell 10.7 per cent year on year.
Last month it emerged that some New Look suppliers had turned a blind eye to the chain’s precarious finances under the cover of the insurer Euler Hermes. Credit insurance protects suppliers during the period between acceptance of orders and payment.
In 2015, South African private equity firm Brait bought New Look for 780 million pounds. The retailer, which has a debt peak of 1.2 billion pounds, said it did not seek a restructuring loan.
After the sudden departure of christiansen in September, Michael George rejoined the “new look”, while Tom singer, who founded the chain, returned to practice.
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