100 New Look shops to shut

1K JOBS ON HIGH STREET FACE AXE

NEW Look could close up to 100 stores across the country.

The fashion chain’s plan to shut stores is part of a profit drive that the firm hopes will save the business.

Yesterday, the brand announced they had earmarked 85 shops for closure.

Bosses added that another 13 sites are being looked at by finance executives.

Plans to permanently shut 60 stores and axe 1,000 jobs in March had already been given the go-ahead.

Sales tanked by 3.7% over the summer, but profits overall have soared in recent months.

The retailer made £22.2m this year compared with a loss of £10.4m last year.

New Look executive chairman Alistair McGeorge admitted the move was a “tough decision”.

He said: “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 overrented store estate.”

The announcement is the latest in a string of shop closures that threaten to wipeout Britain’s high streets.

Two weeks ago Debenhams revealed it has been forced to shut up to 50 stores nationwide.

And earlier this year Carpetright, Toys’r’us and Maplin went under amid plunging profits.

Even high-end retailers are not immune from the frosty economic conditions with House of Fraser saved from insolvency by Sports Direct boss Mike Ashley in August.