New Look 'could be sold' as owner of fashion retailer calls in advisers
Sky News reports that Rothschild has been appointed to advise New Look and its shareholders, in a process which could result in the high street chain being sold
The owners of New Look have reportedly picked bankers to oversee a strategic review of the fashion retailer.
Sky News reports that Rothschild has been appointed to advise New Look and its shareholders, in a process which the news website says could result in the high street chain being sold off in the future.
Nothing has been officially announced by New Look and the company continues to trade as normal. New Look has almost 340 stores and employs about 10,000 people across the UK.
It has been owned by its current shareholders - Alcentra and Brait - since October 2020.
A spokesperson for New Look declined to comment on the appointment of Rothschild, but told Sky News: "Management are focused on running the business and executing the strategy for long-term growth.
"The company is performing well, with strong momentum driven by a successful summer trading period and notable online market share gains." The Mirror has contacted New Look for additional comment.
Sky News first reported that Alcentra and Brait had hired investment bankers to explore a review of the business in June this year. It comes as New Look has announced it is closing, or has already closed, 13 stores this year.
It recently closed its branch in Neath, Wales on August 6, and will shut another store in Scarborough, North Yorkshire, on September 17.
The new closures were announced by the company before the Sky News report of a potential sale was published. In February, New Look also exited the Republic of Ireland which resulted in the closure of 26 stores.
The Times reported earlier this year that New Look was looking to "accelerate future store closures" when leases expire. The newspaper said this was due to extra costs following an increase in minimum wage and the rate of National Insurance paid by employers.
According to the report, around a quarter of its store could be at risk of closure. At the time of the report, New Look had 364 UK stores, which would put around 91 sites at risk. New Look did not confirm this report at the time.
Full list of New Look closures
- Scarborough, North Yorkshire - closing September 17
- Neath, Wales – closed August 6
- Hamilton, Scotland – closed July 1
- Devizes, Wiltshire – closed June 21
- Birmingham, Northfield shopping centre – closed June 8
- Willow Place, Corby – closed June 1
- Bexleyheath, London – closed April 19
- Preston, Lancashire – closed March 20
- Valley Retail World in Gateshead, Tyne and Wear – closed March 9
- St Austell, Cornwall – closed March 4
- Porth, Rhondda Cynon Taf, Wales – closed February 22
- Wickford, Essex – closed January 24
- Carillon Court Shopping Centre Loughborough – closed January 21
Full list of New Look closures in Ireland
Dublin
- Northside Shopping Centre
- Liffey Valley
- Tallaght
- Omni Park
- Blanchardstown
- Jervis Street
Cork
- Wilton
- Ballincollig
- Blackpool
- Opera Lane
Galway
- Galway City
- Galway Retail Park
Wicklow:
- Ashbourne
- Arklow
Other locations
- Carlow
- Clonmel
- Navan
- Limerick
- Dundalk
- Newbridge
- Killarney
- Dungarvan
- Wexford
- Mullingar
- Letterkenny
- Castlebar
