Sidmouth’s New Look outlet could close under shock proposals

PUBLISHED: 14:11 07 March 2018 | UPDATED: 14:11 07 March 2018

Sidmouth's New Look outlet is one of 60 stores identified by New Look for potential closure. Image: Google Maps

Sidmouth's New Look outlet is one of 60 stores identified by New Look for potential closure. Image: Google Maps

Archant

A popular clothes store in Sidmouth is facing permanent closure.

New Look is aiming to reduce its UK store estate and rental costs, citing ‘challenged trading performance’ and a ‘difficult retail environment’ as the reasons.

Sidmouth’s Fore Street-based outlet is one of 60 stores identified by New Look for potential closure, alongside a further six sites which are sub-let to third parties.

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

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.”

New Look is seeking creditor approval on the proposal, which is due on March 21.

The company says all UK stores will remain open as normal during the period of the proposal and its online sales channel will be ‘completely unaffected’ by the proposed changes.

The proposal involves a requirement to make redundancies from the stores which have been identified for potential closure, expected to be a maximum of 980 colleagues amongst the company’s current UK staff base of 15,300 people.

New Looks says all efforts will be made to redeploy colleagues within the business where possible.

Comments have been disabled on this article.

Other News Stories

Yesterday, 18:30

Displays inspired by traditional gifts such as shells, cotton, and precious stones

Read more
Yesterday, 18:00

Residents at a Sidmouth care home were thrilled to explore a newly-opened sensory garden.

Read more
Yesterday, 16:06

An independent candidate and Ottery Town Councillor has triumphed at the by-election held for the Ottery St Mary Rural Ward.

Read more
Yesterday, 15:21

Beach management plan stakeholders say they have been left ‘encouraged’ following a visit by a government minister to discuss proposals to protect Sidmouth from coastal erosion and flooding.

Read more
Yesterday, 14:45

Officers confiscated alcohol at Seaton and Colyford, and will do the same when the carnival comes to Sidmouth

Read more
Yesterday, 10:00

Ottery’s roads have been left bottle-necked and ‘chaotic’ in the wake of a major fire that caused severe damage to a number of properties and shops in the town centre.

Read more
Yesterday, 07:00

There are urgent calls for a long-term youth mental health programme to provide preventative action and ongoing support

Read more
Thu, 16:00

Volunteers plan to plant more wild flowers, and improve accessibility in some areas

Read more
Thu, 12:00

Sidmouth slimmers have gone the extra mile, or three, to help raise money for Cancer Research UK.

Read more
Thu, 12:00

A parliamentary guest paid Sidmouth’s donkey sanctuary a special visit, hearing all about their latest work.

Read more

Local Weather

Heavy Rain

Heavy Rain

max temp: 14°C

min temp: 13°C

Most Read News

Useful Links

Family notices
Advertise in the paper
Submit a Story
Submit a Story
Buy Photos
Competitions
iwitness24
Facebook
Twitter
Google Plus Page
Reader Travel

Family Notices 24

Read Online

Image
Read the Sidmouth Herald e-edition E-edition

Newsletter Sign Up

Sidmouth Herald twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy


Show Job Lists


Find planning applications