New Look's ops in Poland file for bankruptcy, stay open for now
today Mar 18, 2019
New Look is continuing its exit strategy from its international operations after its bold plan to build a major global business fell short on the back of changing consumer habits and over-ambitious expansion. The recovering value fashion retailer on Monday announced the decision of New Look Poland’s board to file for insolvency.
Following a review of its financial and trading position, NLP, which currently operates 19 stores in Poland, “has concluded that it is unable to continue trading, and has determined to wind up its operations,” the company said.
It added that NLP’s business hasn’t “achieved the necessary profitability to continue its ongoing operations on a standalone basis.”
The company filed for bankruptcy proceedings on Monday but will continue trading while awaiting the appointment of a trustee.
As previously announced, New Look has been “reviewing its non-core international markets to ensure it is well positioned to drive strong business performance and profitable growth.” This strategic review is continuing.
Earlier this month it emerged that the French operations of the company would be sold after its performance declined, and in January the company had announced it was exiting Belgium.
New Look spent much of last year focused on its domestic market store closure plan and also announced that it was leaving China, one of the markets it had seen as offering huge potential for its future.
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