New Look Poland to file for insolvency
The Board of New Look Retail Group Limited has announced the decision of the Board of directors of New Look Poland (NLP) 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.
NLP’s business has not achieved the necessary profitability to continue its ongoing operations on a standalone basis. NLP filed for bankruptcy proceedings with the District Court for the capital city of Warsaw in Warsaw, X Commercial Division for Bankruptcy and Restructuring Affairs on 18 March 2019. The business 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.
Incorporated in 1969 as a single fashion store in the UK, New Look has grown to become a leading fast-fashion brand, with 593 in the UK and 302 across Europe, China and Asia. Its transactional website newlook.com now ships to around 66 countries world-wide generating 14% of sales (FY18).
Source: New Look Headquarters, London, U.KEurope Retail