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New Look Poland files for bankruptcy

New Look Poland has filed for bankruptcy, putting 130 jobs at risk.

The retailer, which operates 19 stores in Poland, today filed for bankruptcy proceedings with the district court for the capital city of Warsaw in Warsaw, X Commercial Division for Bankruptcy and Restructuring Affairs.

The business concluded it is unable to keep trading following a review of its financial and trading position.

It added that it has not achieved the necessary profitability to continue its ongoing operations on a standalone basis.

The business will continue trading while awaiting the appointment of a trustee.

As previously announced, New Look has been reviewing its non-core international markets. This strategic review is ongoing.

The retailer announced in October that it was closing its 120 stores in China, and executive chairman of New Look, Alistair McGeorge told Drapers it was seeking to do the same across Europe.

In January New Look Belgium filed for insolvency and earlier this month the retailer confirmed it is seeking a buyer for the 30 stores in its French arm, as it faces continued difficult trading.

Earlier this year New Look agreed a debt-for-equity swap with a group of its key financial stakeholders, which is aimed at reducing its long-term debt by 80% from £1.35bn to £350m. 

Readers' comments (2)

  • Is New Look Poland or Belgium entity part of / owned by New Look Retailers Limited in the UK?

    Unsuitable or offensive? Report this comment

  • Hi anonymous, it is a separate company to the UK entity.
    Thanks

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