New Look shutting another store this month - as 90 branches 'at risk' of closure
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New Look has confirmed it is closing one of its stores later this month. The fashion retailer will shut its Wickford branch in Essex on January 24 after the landlord decided to reclaim its property. The store had been open since 2009 and it is not yet known if anything has been lined up to replace it, reports Essex Live.
A spokesperson from New Look said: "Our Wickford store is set to close on January 24 at the landlord’s request. We would like to thank all of our colleagues and the local community for their support over the years. We hope customers continue to shop with us at our nearby Basildon store, whilst our full product ranges can also be found at newlook.com.".
It comes after reports suggest New Look is set to accelerate future store closures when leases expire. The Times reports that around a quarter of its 364 UK stores - around 91 sites - could be at risk of closure. It also raises fears of job losses across its 8,000 workforce.
The company reported a pre-tax loss of £3.7million on sales of £735.4million in the year to March. New Look had almost 600 UK stores in 2018. A spokesperson told The Times: “Our store estate is an important part of our business, alongside our best-in-class website and app.
“On occasion we do have to close stores, either due to the landlord’s request or because the site becomes unviable. However, we remain on the lookout for appropriate new opportunities across the country and continue to invest in our existing store estate.“.
It comes as retailers prepare to mitigate higher employer National Insurance costs, as well as an increase in the minimum wage. The rate of National Insurance paid by employers will rise from 13.8% to 15% from April, while the earnings threshold will also be lowered from £9,100 per year to £5,000.
