brait news and archive

60 store closures not enough to 'turn New Look around'

London - New Look is prepared to close up to 60 underperforming stores across the UK in order to keep it from going under, putting 980 jobs at risk, but this may not be enough to turn the struggling fashion retailer around warns analysts. The high street retailer, owned by South-African Brait, announced its proposal for a company voluntary...

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New Looks pulls the plug on London HQ move

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...

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New Look faces critical situation as insurers cut coverage for suppliers

London - New Look high street woes are only set to deepen, as credit insurers have reportedly pulled their coverage against insolvency to its suppliers. Insurers such as Euler Hermes have pulled their coverage on new shipments of products to New Look, although it is still reportedly offering "residual" cover on existing orders, reported the...

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Brexit fear keeps Brait away from a London listing

New Look owner Brait has decided to drop its plans to get listed on the London Stock Exchange owing to “light of the uncertainty” following Brexit, Retail Gazette reports. Brait though founded in Malta is listed in Luxembourg as well as South Africa where it is backed by billionaire Christo Wiese. Last year, the company had announced its plans...