Fashion chain New Look wants to accelerate store closures
Fashion chain New Look is preparing to accelerate planned store closures as it grapples with Labour’s Budget tax raid.
Around a quarter of the company’s 364 UK stores are at risk, raising fears of massive job losses among its 8,000 staff, The Sunday Times reported.
It marks another overhaul for New Look, which has restructured its physical offering twice since 2018, when it had almost 600 stores.
It comes as Chancellor Rachel Reeves’ decision to increase National Insurance contributions and implement an inflation-busting minimum wage increase continues to weigh heavily on retailers.
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Last week, the Center for Retail Research predicted that 17,350 stores will close by 2025, the highest figure since it started collecting data in 2015.
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