New chain fashion eyes fell on the massive annual losses

Fighting a new kind of chain fashion boarded the huge annual loss of nearly £235 m after a tumultuous year that included the return of his former boss Alistair McGeorge attempt the second twist chain with large debt.

“I could not stop these numbers happening, she was ordained by the time I joined,” McGeorge said.

He accused in a heavy version, including the nearly 20% drop in sales on the previous management team to drive the “young and trendy” audience. “We lost contact with our main customers and received our packages incorrectly,” said McGeorge.

Dark new results are in stark contrast with the pace of sales of its rivals, Oh-Oh, and provided new evidence of the gap between the physical and digital high street.

Total sales in the UK new look stores open over a year fell by nearly 12% in the year to March 24. Total turnover fell by £107 m to $ 1.3 billion.

The chain belongs to the Brait private equity firm whose largest shareholder is South African tycoon Christo Wiese. Brait paid £780m for a controlling stake in a new form in 2015 and the retailer faces a £1.2 billion debt.

In March, New look has launched a company voluntary agreement (CVA), in the form of insolvency, be used to throw away the junk shops. In the framework of the restructuring plan of up to 60 593 new look stores are expected to close as the rent for the nearly 400 other branches to cut, to shave £40m from its annual rent.

Quick guide Chart: high street closures

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Jan

Italian Jamie says that it will close 12 of 37 branches in the UK as part of a rescue deal with creditors

Tesco puts 1,700 jobs at risk in the management shake-up

Marks and Spencer announces it is closing its London distribution centre, entry 380 jobs are under threat

Says Sainsbury’s will cut thousands of jobs management of its stores

Byron says it will close up to 20 places in the framework of the plan of salvation

Chain East fashion is closing its 50 stores and 314 employees will lose their jobs after failed to find a buyer

February

Morrison says it will axe 1,500 the role of middle management in stores as part of plans to reduce costs

The Debenhams announces it will cut 320 jobs throughout the UK – one of the four store managers

Warren Evans goes into administration, putting 287 jobs under threat

Restaurants Barbecoa Jamie Oliver to go into administration, with the 80 staff to lose jobs

Toys R us goes into administration, putting 3,000 jobs at risk

The workshop also collapses, threatening 2,500 jobs

Mar

New look said that was considering closing as many as 60 stores, up to 980 jobs under threat

First registration: announces it will close 94 restaurants with the loss of about 500 jobs

APR

Shop owner shop direct says it will close three warehouses in the greater Manchester area, putting around 2,000 jobs under threat

The carpetright website confirms the plans to close 92 stores, with the possible loss of 300 jobs

Maybe

Jacques Vert and the owner of brands high Calvetron goes into administration, putting 1,000 jobs at risk

Tesco clothing and homewares to shut down, putting 500 jobs under threat

Marks and Spencer reveals plans to close about 100 stores by 2022, putting more than 1,500 jobs under threat

Carphone warehouse says it will close 92 stores amid profit warning

The plan is, carluccio to close 34 restaurants, putting 500 jobs under threat

Jun

Our says it is to close around 50 of their 137 stores by June next year with the loss of about 800 jobs

House of Fraser announces the closing of 31 of 59 Department stores, placing up to 6,000 jobs under threat

Poundworld falls into administration, putting more than 5,000 jobs under threat

Photos: Matthew Horwood/Getty Images Europe

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However, McGeorge said he did not expect any stores to complete this year, because, after the wave of other vegetables from retailers including house of Fraser and lines, homeowners are increasingly refusing to return the keys and cover the ongoing costs of empty spaces themselves.

As a result, the New look can take store freely. “We are not in a hurry to close them, if it is in our gift,” says McGeorge.

Many retailers with large estates trying to absorb a significant increase in business performance, and increasing labor costs by the introduction of the national minimum wage and collection of discipleship.

At the same time, Britons are cutting spending on clothing and household goods due to the lack of available funds. In the latest sign of distress caused by this network of discount stores cocktail Poundworld crashed into administration on Monday, putting more than 5,000 jobs under threat.

Oh, the owner of a fast-growing PrettyLittleThing and nasty Gal brands, win sales from traditional high street retailers by targeting a generation that, through its mobile phone shops and draws its inspiration from the style of Instagram.

Sales of the group increased by 52% to £183.6 m in the three months to 31 may, but the stars were PrettyLittleThing and nasty Gal, where sales more than doubled in the period.

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Boohoo shares on Tuesday were down 2% at 215p at lunch time; two years ago they change owners 58p.

House of Fraser CVA, which includes the proposed closure of 31 of the 59 stores, is controversial with landlords who are angry they are asked to take a hit, while other lenders are in force.

“Cva will not save a bad brand,” says McGeorge. “We are dealing with our removable position and stopped us out of money. The owners would come out of administration in a much worse position.”