Fashion Retailer New Look to Exit Ireland, 347 Jobs at Risk
Fashion retailer New Look has announced its exit from the Irish market, putting 347 employees across the country at risk of redundancy.
New Look Retailers Ireland Ltd has applied for the appointment of provisional liquidators as it moves to wind down its Irish operations, citing years of financial losses and challenging market conditions.
The High Court has approved the appointment of Shane McCarthy and Cormac O’Connor from KPMG Ireland as provisional liquidators to oversee the company’s business and assets.
New Look employees were informed immediately after the court’s decision, with further staff consultations scheduled in the coming days.
The retailer operates 26 stores across the Republic of Ireland, with most locations employing 12-13 staff on average. A 30-day consultation process with employees will commence shortly.
"Regrettably, a collective redundancy process affecting all colleagues in the Republic of Ireland is anticipated," the company said in a statement.
New Look cited several factors contributing to its decision, including supply chain challenges, rising operational costs, and reduced consumer spending. After a strategic review, the company determined that continuing to trade in Ireland was no longer viable.
"As part of our strategy, the group will refocus investment on its UK business and digital expansion," the company stated.
"Our Irish business has faced significant challenges for years despite efforts to improve performance," a spokesperson added. "Our priority now is to support our colleagues through this process."
New Look stores will temporarily close in the coming days before reopening on February 23 for a clearance sale.
New Look first entered the Irish market in 2003 and has since operated a network of 26 stores across the country.