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.
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