Fringe Box

Socialize

Twitter

Fashion Giant New Look Unexpectedly Shuts Guildford Shop as Company Restructures

Published on: 25 Nov, 2018
Updated on: 25 Nov, 2018

Shut up and signage removed the former New Look shop in Friary Street

By Hugh Coakley

A sharp drop in sales has forced the sudden closure of fashion shop New Look, in Friary Street, as of Monday (November 19, 2018).

Sales for the chain in the 39 weeks to December 23, 2017, dropped 6.3 per cent to £1.1 billion, a pre-tax loss of £123.5 million and the company decided on nationwide shop closures in March 2018. Sixty were scheduled as part of a Company Voluntary Arrangement (CVA) but the Guildford branch was not on the original list.

A CVA is a compromise agreement with creditors, including landlords, that allows the company to avoid administration or liquidation and gives breathing space to allow reorganisation and restructuring of funding and operations

Yesterday (November 24), the New Look Guildford website stated: “It’s not you, it’s us…  We’re fixing something techy… but it won’t take long, so please come back very soon”. But the notice in the window said something quite different.

Sign in the New Look window on Saturday, November 24. It doesn’t look like a ‘techy’ problem but a goodbye to Guildford.

The Daily Express reported that the company had declined to comment on the Guildford closure other than to confirm that it was permanent.

Some local redundancies are expected. Nationwide, up to 1,000 jobs are thought to be at risk.

Earlier this month, New Look had announced that they would close 85 stores, 25 more than the 60 stores named in March, but it was also understood a further 13 stores were being considered for closure and Guildford was likely among them.

The closure, in the normally lucrative Christmas shopping period, is yet another sign of the difficulties High Street traders are facing in Guildford and elsewhere. New Look has been under pressure since 2017 and has completely pulled out of China, closing all 120 shops there.

New Look, founded in 1969, continued expansion until 2010 when, according to Wikipedia it: “…opened its 300th store in Glasgow Fort Shopping Park. The store is a massive 18,000 sq ft (1,700 m2)”.

“The largest New Look store in the world opened in Dublin on November 4, 2010, at the Jervis Shopping Centre. It is the 29th New Look store in Ireland.”

 

 

 

Share This Post

test 2 Responses to Fashion Giant New Look Unexpectedly Shuts Guildford Shop as Company Restructures

  1. C Barket Reply

    November 26, 2018 at 4:36 pm

    I bet the building gets a change of use to another restaurant. I would put money on it. Friary Street is only occupied by a few shops, the rest have all turned into food outlets, which have also taken over the footpath, might I add.

  2. Linda Cooper Reply

    December 1, 2018 at 12:42 am

    That’s a shame if only there was regular bus services to Guildford from the villages.

Leave a Comment

Your email address will not be published. Required fields are marked *