London - High street retailer New Look has canceled plans to move its headquarter to a new location in London after facing increasing financial pressure.

New Look was set to relocate its headquarters to a new 123,000 square foot office at R7 at King’s Cross 67-acre site this summer but has decided to remain at its current location on Mortimer Street in Fitzrovia.

“Following an unsolicited offer from a third party for our lease agreement with the King’s Cross Central Limited Partnership, we have taken the difficult decision not to relocate our London support centre to King’s Cross as planned in 2018,” said a New Look spokesman. “We will remain in our current location on Mortimer Street for the foreseeable future.”

Google is said to be the company which has decided to take over the office space according to a Bloomberg report. New Look first announced it was set to relocate its headquarters in 2018 back in 2016, but has faced increasing financial difficulties.

New Look’s credit insurer Euler Hermes stopped offering cover against insolvency to its suppliers, as the fashion retailer struggles with declining sales and mounting debt amid tough trading conditions.

 

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