New Look to close 60 stores and to lay off 1,000 employees

British retailer New Look will close 60 stores in the following 12 months and will lay off sloe to 1,000 employees, following the approval of restructuring plan, according to BBC.

The stores’ representatives say the restructuring plan will reduce the rents of the retailer’ s chain between 15 and 55 percent in 393 remaining stores.

The executive president Alistair McGeorgesaid for BBC that „it’s a difficult decision” , but it was necessary to re-establish the company’s profitability.

„It was a difficult decision. It’s clear that we have to reduce our fixed costs. Thus, we are satisfied that we got the support of our creditors for the issue of over-taxed properties,” said McGeorge.

In Romania New Look is on the local market in franchise system until 2015.

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