Fast-fashion retailer New Look is to take on five stores earmarked for disposal by beleaguered bookseller Borders UK, including its prominent flagship store on London’s Oxford Street.
The 39,000 sq ft, four-floor store in the capital will be the retailer’s second on Oxford Street, alongside its Marble Arch branch.
New Look is forging ahead with ambitious expansion plans both in the UK and overseas, including the relocation of some stores to larger locations. The retailer, which revealed EBITDA jumped 10.2 per cent to £217.6m in the year to March 28, is relocating its head office to London to achieve its aim of becoming a global fashion retailer.
Borders UK appointed RSM Bentley Jennison to oversee a restructure of its store portfolio, leading to the sale of the leasehold on five stores. The stores are in Blanchardstown Centre (Dublin), Llantrisant near Cardiff, London Colney, Oxford Street and Swindon.
Borders chief executive Philip Downer said: “The staff of these stores will now be entering a consultation process. The operations and HR departments are working closely with the stores to support our staff.”
New Look did not comment at the time of writing.