New Look, Brait’s British retail chain, plans store closures and layoffs
London — British fashion retail chain New Look has sought approval from its creditors to cut 980 staff and close more than 60 stores after performing poorly as it seeks to amend the terms of its debt. The company, which opened its first store in 1969 and is owned by South African investment heavyweight Brait, said on Wednesday it had identified 60 of its 593 stores in Britain for potential closure, as well as a further six sites sublet to third parties. "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," executive chairman Alistair McGeorge said. New Look’s woes are another headache for Christo Wiese, the biggest shareholder in Brait, after a share price crash in Steinhoff International stripped him of his billionaire status. Wiese backed Brait’s bet on the British consumer in 2015 in a £1.9bn deal that put the South African investment heavywei...
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