Embattled retailer New Look has agreed a restructuring plan with creditors that will see it shut 60 stores, including three in Edinburgh, resulting in the loss of up to 980 jobs.
Under the terms of the Company Voluntary Arrangement (CVA), the firm has also secured rent reductions on 393 stores. The closures, which account for nearly 10 per cent of its 593-strong UK store estate, will lead to a maximum of 980 redundancies.
New Look has said it will redeploy staff where possible. Stores affected in Edinburgh are Craigleith, Ocean Terminal and Cameron Toll.
New Look chairman Alistair McGeorge said: “In order to help restore long-term profitability, it is clear we need to reduce our fixed cost base. We are therefore pleased to have gained the support of our creditors to address our over-rented store estate.
“Launching a CVA has been a tough decision and our priority remains keeping all potentially affected colleagues informed during this difficult time.”