New Look shuts up at Forest­side in CVA move

Belfast Telegraph - Business Telegraph - - Front Page - BY MAR­GARET CAN­NING

CLOTH­ING chain New Look has closed its store in Belfast’s Forest­side Shop­ping Cen­tre with the loss of around 10 jobs as part of its turn­around plan, it has emerged.

The shop is the first of the chain’s 26 units in North­ern Ire­land to shut as part of a Com­pany Vol­un­tary Ar­range­ment, a form of in­sol­vency.

The com­pany last week said it would close as many as 100 shops around the UK to cut costs and im­prove prof­itabil­ity.

It’s al­ready ex­pected to va­cate its unit at Foun­tain House in the city cen­tre, with Pri­mark due to take up the space in­stead fol­low­ing the fire at its flag­ship store.

Ear­lier this year the com­pany’s land­lords had agreed to a CVA which would en­able the strug­gling chain to stay open by ne­go­ti­at­ing re­duced rents with land­lords and shop clo­sures in other cases.

Rent re­duc­tions were agreed but it’s un­der­stood land­lords had been given the op­tion to give New Look no­tice to leave their units, if they did not want to ac­cept a re­duced rent and were con­fi­dent of at­tract­ing a new ten­ant.

One re­tail prop­erty spe­cial­ist said the op­tion of giv­ing no­tice was part of the CVA. “They had the right to put New Look out if they found an­other oc­cu­pant on bet­ter terms.”

Forest­side Shop­ping Cen­tre was not avail­able for com­ment last night, while New Look also re­fused a re­quest to com­ment.

How­ever, the shop is no longer listed as an oc­cu­pant on Forest­side’s web­site.

But it’s un­der­stood New Look’s re­main­ing shops are still open.

Forest­side and Foyle­side Shop­ping Cen­tre in Lon­don­derry are owned by Forest­side Ac­qu­si­tions.

New Look has a store in Lon­don­derry’s Rich­mond Cen­tre.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.