New Look is one of a number of British retailers to be facing financial difficulties. Photo credit – New Look
Fewer New Looks for China?
British / South African fashion retailer New Look had planned an ambitious expansion in China. The declining fortunes of the High Street have cast these plans into doubt.
That’s according to Executive Chairman Alistair McGeorge, after recent losses of £75 million.
In a statement to the Press Association, McGeorge said:
”We are taking a view on all our stores… a good hard look, and we will probably do some downsizing.”
Currently, New Look directly owns and operates just under 150 stores in China.
It had previously revealed plans to open 500 outlets in the country.
New Look is far from the only British retailer to be facing difficulties.
Only last week, we reported that 31 of House of Fraser’s 59 stores will close under plans to cut the firm’s annual £44 million loss.