New Look to exit Ireland with 347 jobs axed
New Look is closing all 26 of its stores in the Republic of Ireland and making its workforce of 347 employees redundant as it winds down its Irish operations.
New Look is closing all 26 of its stores in the Republic of Ireland and making its 347 shop employees redundant as it winds down its Irish operations.
The fashion retailer said it was exiting the market after 22 years following “several years of sustained losses and challenging market conditions”.
It has appointed Shane McCarthy and Cormac O’Connor of KPMG Ireland as provisional liquidators over the business and its assets.
New Look said all 347 of its store employees have been notified of KPMG’s appointment and that it will begin a 30-day consultation in the coming days. It expects a collective redundancy process.
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The retailer said the appointment of liquidators “was not taken lightly” but that the group concluded its Irish business was no longer viable following a strategic review.
“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 said.
The high street retailer said it had attempted to adapt to the market, including marketing initiatives, store adaptations and price range trials. The group will now refocus investment on its UK business and digital offering.
New Look will close the stores over the coming days and re-open on 23 February for a clearance sale. Shoppers will still be able to access the brand’s collections through Asos and Very.
A spokesperson for New Look said: “Over the past few years, we have had to navigate a tough external environment which has only become more unpredictable.
“We have adapted to this evolving landscape by investing in our product proposition and digital offer. However, due to the increasingly volatile trading conditions we needed to expedite our existing plans, which included conducting a review of our operations in the Republic of Ireland.
“Following this review, the group regrettably concluded it was no longer viable to continue trading here, so it has made the difficult but necessary decision to enter liquidation in this market.
“Our Irish business has struggled for many years due to rising costs and squeezed consumer spending, despite our efforts to turnaround the performance. Our focus now is on supporting our colleagues through this process. We remain confident in the UK market and take pride in offering our customers great-value, high-quality fashion.”
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