02:54PM, Wednesday 07 March 2018
A fashion retailer in Maidenhead High Street could close.
New Look announced today plans to reduce its UK store count amid ‘challenged trading performance’ and a ‘difficult retail environment’.
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.
Under the proposal New Look has identified 60 potential store closures which include Maidenhead and the Reading store in Broad Street.
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.”
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