New Look confirms Portsmouth store closureÂ
A LARGE high street fashion brand is to close its main Portsmouth store on Monday.Â Â Â
New Look, in Commercial Road, Portsmouth, will shutÂ on Monday, November 12, a spokeswoman confirmed.Â
The brand will not leave the city entirely, as it is to move into its current New Look Men store, within the Cascades Shopping Centre.Â
The new, smaller store will not stock a range for men.Â
It is understood that the Portsmouth closure is part of New Look'sÂ company voluntary arrangement (CVA)Â which it launched earlier this year in an attempt toÂ restore the firm's long-term profitability,Â
The proposal has seenÂ nearly 1,000 staff made redundant and 60 stores close across the country.Â
A statement from Daniel Butters and Neville Kahn of Deloitte,Â nominees to the CVA,Â said: '˜The CVA is one of a number of necessary actions we are taking to get the company back on track.
'˜In addition to implementing other cost-saving initiatives, we are already focusing on driving future full price sales by realigning our pricing to offer significantly better value, adding flexibility to our buying model, and improving our speed to market.
'˜Additionally, we have further strengthened our alignment between ecommerce and stores.
'˜New Look is a great brand and today represents another important step in helping to rebuild our position within the UK market.'Â