High street fashion chain New Look is preparing to accelerate planned store closures as it grapples with Labour’s Budget tax raid.
Around a quarter of the firm’s 364 UK shops are at risk, sparking fears of mass job losses among its 8,000-strong workforce, The Sunday Times reported.
It marks another overhaul for New Look, which has restructured its physical offering twice since 2018 when it had nearly 600 shops.
It comes as Chancellor Rachel Reeves’s decision to hike National Insurance contributions and implement an inflation-busting rise to the minimum wage continues to weigh heavily on retailers.
Overhaul: Actress Emily Atack wears New Look
Last week the Centre for Retail Research predicted 17,350 shops will shut in 2025, the highest figure since it began collecting data in 2015.
DIY INVESTING PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-made portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free fund dealing and investment ideas
interactive investor
interactive investor
Flat-fee investing from £4.99 per month
Saxo
Saxo
Get £200 back in trading fees
Trading 212
Trading 212
Free dealing and no account fee
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.
This article was originally published by a www.dailymail.co.uk . Read the Original article here. .