Latest news with #Brait
Sky News
10-07-2025
- Business
- Sky News
New Look owners line up bankers to fashion high street exit
New Look is to hire investment bankers to undertake a strategic review which is expected to trigger an auction of the high street fashion chain. Sky News has learnt that New Look's owners, who are led by the investment firm Alcentra, have opened talks with banks about advising on a process to take place during the next 12 months. An appointment, which follows unsolicited approaches for the business, is expected to be made in the near future. New Look, which trades from approximately 340 stores and employs about 10,000 people across the UK, is the country's second-largest womenswear retailer in the 18 to 44-year-old age group. It has been owned by its current shareholders - Alcentra and Brait - since October 2020. In April, Sky News reported that the investors were injecting £30m of fresh equity into the business to aid its digital transformation. Last year, the chain reported sales of £769m, with an improvement in gross margins and a statutory loss before tax of £21.7m - down from £88m the previous year. Like most high street retailers, it endured a torrid COVID-19 and engaged in a formal financial restructuring through a company voluntary arrangement. In the autumn of 2023, it completed a £100m refinancing deal with Blazehill Capital and Wells Fargo. A spokesperson for New Look said the company did not "comment on rumour and speculation". "Management are focused on running the company and executing the strategy for long-term growth.
Scottish Sun
07-07-2025
- Business
- Scottish Sun
Full list of 12 New Look stores closing in UK this year as chain ‘could be auctioned off' in another blow to high street
You can check out the full list of New Look closures here END OF AN ERA Full list of 12 New Look stores closing in UK this year as chain 'could be auctioned off' in another blow to high street NEW Look shoppers have been warned of 12 closures as the retailer "could be auctioned off". In another blow to the high street, the company will shutter a handful of sites across the UK this year. Advertisement 2 Approximately a quarter of the retailer's 364 stores are at risk when their leases expire Credit: Alamy It comes after the firm previously warned it would close nearly 100 stores ahead of National Insurance hikes which came into place in April. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. The brand already closed a site in Birmingham on June 8 and another store in Devizes, Wiltshire closed last month. The brand has already closed down eight stores across the UK since the start of the year, launching huge closing down sales to hep shift stock. Advertisement That includes a branch in Bexleyheath, which launched a 70% clearance sale before it closed for good on April 19. It's Gateshead, Tyne and Wear closed on March 9 with items being sold just £1 before it shut for good. You can check out the full list of New Look closures here: New Look, Neath, Wales – closing August 6 – closing August 6 New Look, Hamilton, Scotland – closed July 1 – closed July 1 New Look, Birmingham, Northfield shopping centre – closed June 8 – closed June 8 New Look, Willow Place, Corby – closed June 1 – closed June 1 New Look Bexleyheath, London, closed April 19 closed April 19 New Look, Preston, closed March 20 closed March 20 New Look, Valley Retail World in Gateshead, Tyne and Wear – closed March 9 – closed March 9 St Austell branch in Cornwall – closed March 4 – closed March 4 New Look, Porth, Rhondda Cynon Taf, Wales – closed February 22 – closed February 22 New Look, Wickford, Essex – closed January 24 – closed January 24 New Look, Carillon Court Shopping Centre Loughborough, closed January 21. closed January 21. New Look, Devizes, Wiltshire – closed In February, New Look also exited the Republic of Ireland which resulted in the closure of 26 stores. Advertisement At the time, the company said: "New Look's Irish operation has struggled for some years, impacted by a range of factors including supply-chain and in-market costs, and squeezed consumer spending". It follows reports the high street stalwart had hired investment bankers to explore a strategic review of the business. According to Sky News, owners Alcentra and Brait, are talking to advisers in a move which could trigger an auction of the business. It means nothing will change for customers during this process and it's important to note that the company is not going bust. Advertisement A New Look spokesperson said: 'We do not comment on rumour and speculation. "Management are focused on running the company and executing the strategy for long-term growth. " "The company is trading well and has supportive shareholders'. In April, it was reported the investors were pouring £30million of fresh equity into the business to help move it online. Advertisement Last year, the retailer reported sales of £769million. In 2023, New Look underwent a £100m refinancing deal with Blazehill Capital and Wells Fargo. MORE RETAIL TROUBLE New Look is not the only retailer to feel the pain of rising rents and customers have less money to spend at the till. River Island will close 33 of its 230 stores, pending approval. Advertisement The shops earmarked for closure will stay open until January 2026 to make the most of peak trading. The closures come as River Island carries out a major restructuring of its store estate. Elsewhere, Claire's is mulling a sale of the business leaving question marks over the future of nearly 300 stores in the UK. Hobbycraft and The Original Factory Shop are also shutting branches as part of restructuring efforts. Advertisement RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
The Sun
07-07-2025
- Business
- The Sun
Full list of 12 New Look stores closing in UK this year as chain ‘could be auctioned off' in another blow to high street
NEW Look shoppers have been warned of 12 closures as the retailer "could be auctioned off". In another blow to the high street, the company will shutter a handful of sites across the UK this year. 2 It comes after the firm previously warned it would close nearly 100 stores ahead of National Insurance hikes which came into place in April. Approximately a quarter of the retailer's 364 stores are at risk when their leases expire. The brand already closed a site in Birmingham on June 8 and another store in Devizes, Wiltshire closed last month. The brand has already closed down eight stores across the UK since the start of the year, launching huge closing down sales to hep shift stock. That includes a branch in Bexleyheath, which launched a 70% clearance sale before it closed for good on April 19. It's Gateshead, Tyne and Wear closed o n March 9 with items being sold just £1 before it shut for good. You can check out the full list of New Look closures here: In February, New Look also exited the Republic of Ireland which resulted in the closure of 26 stores. At the time, the company said: "New Look's Irish operation has struggled for some years, impacted by a range of factors including supply-chain and in-market costs, and squeezed consumer spending". It follows reports the high street stalwart had hired investment bankers to explore a strategic review of the business. According to Sky News, owners Alcentra and Brait, are talking to advisers in a move which could trigger an auction of the business. It means nothing will change for customers during this process and it's important to note that the company is not going bust. A New Look spokesperson said: 'We do not comment on rumour and speculation. "Management are focused on running the company and executing the strategy for long-term growth. " "The company is trading well and has supportive shareholders'. In April, it was reported the investors were pouring £30million of fresh equity into the business to help move it online. Last year, the retailer reported sales of £769million. In 2023, New Look underwent a £100m refinancing deal with Blazehill Capital and Wells Fargo. MORE RETAIL TROUBLE New Look is not the only retailer to feel the pain of rising rents and customers have less money to spend at the till. River Island will close 33 of its 230 stores, pending approval. The shops earmarked for closure will stay open until January 2026 to make the most of peak trading. The closures come as River Island carries out a major restructuring of its store estate. Elsewhere, Claire's is mulling a sale of the business leaving question marks over the future of nearly 300 stores in the UK. Hobbycraft and The Original Factory Shop are also shutting branches as part of restructuring efforts. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020." 2
Scottish Sun
01-07-2025
- Business
- Scottish Sun
High street giant to shut UK store in HOURS after closing 10 as huge shake-up announced
Check our list to see if your local branch could be impacted SHUTTERS DOWN High street giant to shut UK store in HOURS after closing 10 as huge shake-up announced A HIGH street giant will shut a popular UK branch in hours after closing 10 stores. New Look will close its branch in Hamilton, Scotland today, July 1. 1 New Look is closing a branch in Hamilton, Scotland today Credit: Alamy The move has come as a blow to locals who said they were "gutted" to see the store vanish and described the move as an "end of an era". It follows reports made over the weekend that the high street stalwart had hired investment bankers to explore a strategic review of the business. According to Sky News, owners Alcentra and Brait, are talking to advisers in a move which could trigger an auction of the business. It means nothing will change for customers during this process and it's important to note that the company is not going bust. A New Look spokesperson said: 'We do not comment on rumour and speculation. "Management are focused on running the company and executing the strategy for long-term growth. " "The company is trading well and has supportive shareholders'. Previously, New Look warned it would shut nearly 100 stores ahead of National Insurance hikes which came into place in April. Around a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on its 8,000-strong workforce. Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow The British chain has already shut up to 10 stores so far this year, with another branch in Neath, Wales set to close on August 6. New Look already closed a site in Birmingham on June 8 and another store in Devizes, Wiltshire closed a few weeks back. You can check out the full list of New Look closures here: New Look, Neath, Wales – closing August 6 – closing August 6 New Look, Hamilton, Scotland – closing July 1 – closing July 1 New Look, Birmingham, Northfield shopping centre – closed June 8 – closed June 8 New Look, Willow Place, Corby – closed June 1 – closed June 1 New Look Bexleyheath, London, closed April 19 closed April 19 New Look, Preston, closed March 20 closed March 20 New Look, Valley Retail World in Gateshead, Tyne and Wear – closed March 9 – closed March 9 St Austell branch in Cornwall – closed March 4 – closed March 4 New Look, Porth, Rhondda Cynon Taf, Wales – closed February 22 – closed February 22 New Look, Wickford, Essex – closed January 24 – closed January 24 New Look, Carillon Court Shopping Centre Loughborough, closed January 21. closed January 21. New Look, Devizes, Wiltshire – closed In February, New Look also exited the Republic of Ireland which resulted in the closure of 26 stores. At the time, the company said: "New Look's Irish operation has struggled for some years, impacted by a range of factors including supply-chain and in-market costs, and squeezed consumer spending". MORE RETAIL TROUBLE New Look is not the only retailer to feel the pain of rising rents and customers have less money to spend at the till. River Island will close 33 of its 230 stores, pending approval. The shops earmarked for closure will stay open until January 2026 to make the most of peak trading. The closures come as River Island carries out a major restructuring of its store estate. Elsewhere, Claire's is mulling a sale of the business leaving question marks over the future of nearly 300 stores in the UK. Hobbycraft and The Original Factory Shop are also shutting branches as part of restructuring efforts.
The Sun
01-07-2025
- Business
- The Sun
High street giant to shut UK store in HOURS after closing 10 as huge shake-up announced
A HIGH street giant will shut a popular UK branch in hours after closing 10 stores. New Look will close its branch in Hamilton, Scotland today, July 1. 1 The move has come as a blow to locals who said they were "gutted" to see the store vanish and described the move as an "end of an era". It follows reports made over the weekend that the high street stalwart had hired investment bankers to explore a strategic review of the business. According to Sky News, owners Alcentra and Brait, are talking to advisers in a move which could trigger an auction of the business. It means nothing will change for customers during this process and it's important to note that the company is not going bust. A New Look spokesperson said: 'We do not comment on rumour and speculation. "Management are focused on running the company and executing the strategy for long-term growth. " "The company is trading well and has supportive shareholders'. Previously, New Look warned it would shut nearly 100 stores ahead of National Insurance hikes which came into place in April. Around a quarter of the retailer's 364 stores are at risk when their leases expire. This equates to about 91 stores, with a significant impact on its 8,000-strong workforce. Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow The British chain has already shut up to 10 stores so far this year, with another branch in Neath, Wales set to close on August 6. New Look already closed a site in Birmingham on June 8 and another store in Devizes, Wiltshire closed a few weeks back. You can check out the full list of New Look closures here: New Look, Neath, Wales – closing August 6 New Look, Hamilton, Scotland – closing July 1 New Look, Birmingham, Northfield shopping centre – closed June 8 New Look, Willow Place, Corby – closed June 1 New Look Bexleyheath, London, closed April 19 New Look, Preston, closed March 20 New Look, Valley Retail World in Gateshead, Tyne and Wear – closed March 9 St Austell branch in Cornwall – closed March 4 New Look, Porth, Rhondda Cynon Taf, Wales – closed February 22 New Look, Wickford, Essex – closed January 24 New Look, Carillon Court Shopping Centre Loughborough, closed January 21. New Look, Devizes, Wiltshire – closed In February, New Look also exited the Republic of Ireland which resulted in the closure of 26 stores. At the time, the company said: "New Look's Irish operation has struggled for some years, impacted by a range of factors including supply-chain and in-market costs, and squeezed consumer spending". New Look is not the only retailer to feel the pain of rising rents and customers have less money to spend at the till. River Island will close 33 of its 230 stores, pending approval. The shops earmarked for closure will stay open until January 2026 to make the most of peak trading. The closures come as River Island carries . Elsewhere, Claire's is mulling a sale of the business leaving question marks over the future of nearly 300 stores in the UK. Hobbycraft and The Original Factory Shop are also shutting branches as part of restructuring efforts. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
