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Guildford New Look closes its doors

2 minute read
Guildford New Look closes its doors

Published at 4:47pm 20th November 2018. (Updated at 5:04pm 20th November 2018)

Guildford's New Look store has shut its doors for the final time.

The shop's last day of trading was Monday (November 19), but the store wasn't one of those earmarked for closure back in March as part of plans to save the fashion brand.

60 out of a total of 593 stores in the UK were listed for potential closure.

The Company instigated a 'Company Voluntary Arrangement (CVA)', as part of plans to improve the operational performance of the Company.

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

The Fleet branch was one of those listed to be under threat but is still open at the moment. 

It was thought that the move will result in around 980 job losses across the country.

Under the terms, the stores identified for potential closure were most likely to close within 6 to 12 months’ time subject to decisions by individual landlords, but no stores will close on day one.

In a statement, New Look confirmed to Eagle that they did permanently close the store in Guildford on Monday but wouldn't comment any further. 

In March, Alistair McGeorge, Executive Chairman of New Look, said:

“In order to help restore long-term profitability, it is clear we need to reduce our fixed cost base.

"We are therefore pleased to have gained the support of our creditors to address our over-rented store estate. Launching a CVA has been a tough decision and our priority remains keeping all potentially affected colleagues informed during this difficult time."

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