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More closures, but Beverley store ‘safe’
Doom and gloom on the High Street continues with the news that nearly 1,000 jobs are at risk at clothes retailer New Look after it revealed plans to shut 60 stores as part of a rescue deal.
There are three Yorkshire stores under threat – Doncaster Mens, Whitefriargate in Hull, and The Core in Leeds – but this time Beverley has escaped cuts because the New Look store in Toll Gavel, along with one at St Stephen’s and at Kingswood, in Hull, are said to be safe. Earlier this week Beverley FM reported that the town’s Prezzo restaurant has been earmarked for closure as part of restructuring deal allowing it to renegotiate the restaurant chain’s debts.
At New Look, the South African-owned retailer wants to enter into a company voluntary arrangement (CVA), which will keep the business trading but allow it to negotiate out of existing contracts. The move requires approval from landlords and other creditors, but discussions have been taking place since at least Christmas.
New Look has around 850 stores and is looking for rent to be cut in 393 of those. It has suffered from the challenging retail environment and becomes the latest high street casualty, after Toys R Us and Maplin appointed administrators last week.