New Look has had a difficult year with plummeting profits, falling sales and high-profile staff departures. In a bid to rescue the ailing retailer, former New Look executive chairman Alistair McGeorge has been parachuted back into his old role.
McGeorge was previously executive chairman of New Look from May 2011 to September 2013, during which time he was credited with turning its fortunes around. He was also non-executive chairman from October 2013 to May 2014.
In the company’s most recent financial results adjusted EBITDA plummeted by 72.2% year on year to £24.2m in the 26 weeks to 23 September, which it put down to a “challenging” UK sales performance. It reported an underlying operating loss of £10.4m, compared to a £59.3m profit in the same period the year before. Total revenue was down 4.5% to £686m.
It remains to be seen if McGeorge can work his magic once again, but the industry – and the New Look board – wait with bated breath.