Fast fashion retailer New Look is shutting down its Irish operations, closing all 26 stores and laying off approximately 347 employees, according to a report. The company’s Irish subsidiary, New Look Retailers (Ireland) Limited, has been placed into provisional liquidation by the High Court after its parent company withdrew financial support. KPMG Ireland has been appointed as the liquidator.
A 30-day staff consultation process has begun for the affected employees. The company has confirmed that all Irish colleagues will be impacted by the redundancy process. The company cited a challenging and increasingly unpredictable external environment, stating that despite investments in product and digital offerings, volatile trading conditions necessitated expediting existing plans.
New Look explained that a strategy to review determined the Irish business was no longer viable due to rising costs and reduced consumer spending, despite efforts to improve performance. The company will now concentrate its investments on its UK business and digital platform.
New Look emphasised its commitment to supporting its Irish colleagues during this transition. The company expressed confidence in the UK market and its ability to offer customers value and quality fashion.
The Irish stores will remain closed until 23rd February, when they will briefly reopen for clearance sales before permanently ceasing trading.
New Look stressed that this liquidation only impacts the Irish subsidiary and has no effect on the larger New Look Group, which maintains a strong online and store presence in the UK.
This news follows recent difficulties for British fast fashion retailers. The announcement of New Look’s exit from Ireland comes shortly after Quiz fell into administration, leading to the closure of 23 stores in the UK and Ireland.
