March 7, 2018 / 1:15 PM / 5 months ago

BRIEF-British retailer New Look proposes closing stores, making redundancies to cut costs

March 7 (Reuters) - New Look:

* BRITISH RETAILER NEW LOOK PROPOSES TO REDUCE UK STORE ESTATE AND RENTAL COSTS AMID CHALLENGED TRADING PERFORMANCE AND A DIFFICULT RETAIL ENVIRONMENT

* NEW LOOK SAYS HAS IDENTIFIED 60 OUT OF ITS TOTAL 593 STORES IN THE UK FOR POTENTIAL CLOSURE1, ALONGSIDE A FURTHER 6 SITES WHICH ARE SUB-LET TO THIRD PARTIES

* DANIEL BUTTERS AND NEVILLE KAHN OF DELOITTE LLP, BUSINESS ADVISORY FIRM, HAVE BEEN APPOINTED AS NOMINEES TO NEW LOOK VOLUNTARY ARRANGEMENT

* NEW LOOK PROPOSES MAKING REDUNDANCIES FROM STORES WHICH HAVE BEEN IDENTIFIED FOR POTENTIAL CLOSURE, EXPECTED TO BE A MAXIMUM OF 980 STAFF FROM UK BASE OF 15,300 PEOPLE (Reporting by Dasha Afanasieva)

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