New Look’s landlords have been braced for store closures and rent reductions as the embattled chain prepares to visit property owners this week.
According to The Times, the struggling fashion retailer has written to landlords to warn them that its finance boss Richard Collyer would be seeking meetings in the coming days.
The business, which is owned by Brait, suffered a 10.7% slump in like-for-like sales during the 39 weeks to December 23, as it racked up a pre-tax loss of £123.5m.
New Look executive chairman Alistair McGeorge, who was parachuted back in following the departure of former boss Anders Kristiansen last November, insisted he can get the retailer “back to its broad appeal” and “restore operational stability” in the business.
New Look has already identified £25m of cost savings it can make over its next financial year, but is grappling with a £1.1bn debt pile.
Last autumn, it shed 400 store management roles as it faces into fierce competition from online, rising business rates and increases in the national living wage.