New Look expects to close about 60 stores following a review which could see the retailer finding imaginative ways to fill surplus space.
Group property director Richard White said: “This is not going to be a huge cull but we won’t have 600 stores. It’s probably going to drop by 10%.”
The 604-store fast-fashion chain is carrying out a full property review, expected to be completed in two weeks’ time, to decide on the future of the estate. It has 100 store leases coming up to expiry over the next three years, but is prepared, if necessary, to close shops not up for renewal.
It is also looking at sub-letting space in some of its larger stores.
New Look has experienced a troubling 12 months. Profit fell from £162.7m to £98m in the year to March 26, and founder Tom Singh was brought back to steady the ship after the ousting of chief executive Carl McPhail.