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Is Bridlington's New Look store safe?

New Look
New Look

Fashion retailer New Look has announced that it has identified 60 branches for potential closure.

But with Bridlington still reeling from the new M&S is closing its store, it appears the town's New Look shop is safe.

The branch in Chapel Street is not on the list earmarked for closure which the company announced today, as it instigated a Company Voluntary Arrangement (CVA) and is seeking approval from creditors on a plan to improve its operational performance.

Under the proposal, New Look has identified 60 out of its total 593 stores in the UK for potential closure, and has proposed a reduction in rental costs and revised lease terms across 393 stores.

The changes could see 980 redundancies. The nearest store to Bridlington to be affected is on Whitefriargate in Hull.

Alistair McGeorge, executive chairman of New Look, said: “Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability.

“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time.”