New Look recovering but more store closures ahead
The UK's Retail Gazette reported that New Look’s boss has suggested that almost 100 of its UK stores may end up closing down as part of its ongoing turnaround scheme. This includes the 60 stores that were marked for closure and subsequent 980 job cuts under the retailer’s CVA that was greenlit back in March. However, it's not all bad news for the retailer, which recently unveiled a return to profitability in its first half. Its adjusted EBITDA also more than doubled compared to last year, rising from £24.2 million to £49.8 million. Additionally, the retailer is poised to exit the Chinese market, closing 130 stores that are understood to have lost £37 million last year.