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New Look France goes into liquidation

New Look’s French arm has been put into liquidation after it failed to find a credible buyer.

The decision was made by the Paris trade court on 26 June, several days after the French subsidiary’s administrators requested the liquidation. New Look France had filed for receivership for its 30 stores in March.

Most of the stores will shut and their leases will be terminated on a case-by-case basis. Some have already closed. 

The fashion retailer has been present in France since 2006 and employs around 450 staff in the country. 

It appointed Paul-Henri Cecillon, chief executive of corporate turnaround specialist Phinancia, to assess the viability of the business last November following a period of weak trading.

New Look has been undergoing a much-needed streamlining. Drapers revealed New Look’s decision to abandon menswear store retail altogether and the business is cutting back its international operations.

In January, New Look Belgium filed for insolvency and said it would continue to review its ”non-core” international markets after agreeing a debt-for-equity swap aimed at reducing its long term debt by 80% from £1.35bn to £350m earlier this year. 

The company has also decided to close down its businesses in China and Poland.

As a result of its turnaround plans, the retailer announced underlying operating profits of £33.2m for the full year to 30 March, reversing a loss of £35.7m the previous year.

Former House of Fraser chief executive Nigel Oddy became chief operating officer on 1 April

 

 

 


 

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