Former New Look shop, Frogmore Street, Abergavenny

Image: © Jaggery Taken: 30 Sep 2018

Viewed on September 30th 2018. Notices in the windows of the former New Look shop are headed BYE FOR NOW, EVERYONE. In March 2018, the Daily Telegraph reported that struggling retailer New Look could close 60 stores, putting 980 jobs at risk, as it becomes the latest business to fall victim to difficult conditions on the High Street. The fashion retailer has instigated a company voluntary arrangement, a form of insolvency aimed at protecting a business from going bust entirely, and is seeking approval from its lenders for a restructuring plan. New Look said it had identified 60 out of its 593 stores in the UK to be closed, along with a further six sites that are sublet to third parties. The plan requires the company to make up to 980 staff redundant, out of its 15,300 UK employees, although it will attempt to redeploy people where possible. The plan also includes a rent reduction and new lease terms for 393 of its stores. New Look, which is owned by South Africa's Brait, has asked its creditors to approve the proposal by March 21st 2018. All stores would remain open until then.

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