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New Look France seeks buyers for stores

New Look’s French arm is seeking buyers for its 30 stores, as it faces continued difficult trading.

It comes after the company appointed chief executive of corporate turnaround specialist Phinancia, Paul-Henri Cecillon, to asses the viability of the business last November. 

The fashion retailer has been present in France since 2006 and employs around 450 staff. It is unclear at this point how many jobs would be affected. 

A spokesman for New Look said: “We can confirm that a process has been launched by the executive committee of New Look France to seek potential investors for its 30 stores in France. As previously disclosed, trading in France has remained challenging, and New Look Group has been conducting a review of its international strategy as part of its wider financial restructuring to ensure the company is well positioned to drive strong business performance and profitable growth in the future.

“New Look France is working with the local works council [an organisation representing employees, which works with but is independent from trade unions] and employee groups to support employees at this time. During the process, stores will continue to operate as usual and an announcement will be made in due course.”

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. 

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