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New Look increases UK store closures

New Look has confirmed it has closed or will close 85 UK stores, an increase on the 60 planned closures outlined in its company voluntary arrangement (CVA).

In March, New Look’s CVA deal – comprising 60 store closures and almost 1,000 job losses – was approved by creditors.

The retailer has now said it is shuttering 85 stores, while a further 13 remain in negotiation with landlords.

Another 26 shops are trading rent free – in these stores New Look and the landlord have the right to terminate leases at any time.

New Look almost doubled its half-year EBITDA to £49.8m for the 26 weeks to 22 September. Underlying profits rose to £22.2m, compared with a £10.4m operating loss in the same period last year.

However, the retailer’s sales continued to slow. Revenue fell by 4.2% on the same period last year to £656.9m. New Look own-brand sales fell by 3.7% – although this was a smaller drop than the 8.6% in the previous year.

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