Fashion chain with 400 stores will close ‘permanently’ in 48 hours

Shoppers are devastated as a fashion chain with 400 stores is set to “permanently” close a store within 48 hours.

The major retailer has announced the closure of its store in Cumbernauld, Scotland.

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In a new blow of closures, New Look confirmed it is rolling down the shutters of its branch at The Center Cumbernauld on March 20.

The move follows a series of closures by New Look since early 2023.

A spokesperson for the retailer said: “As part of normal business companyNew Look occasionally closes stores, but also moves and opens new locations.

“While some locations have recently closed, we continue to look for appropriate new opportunities across the country.”

After learning of the store’s closure, local shoppers have expressed their frustration, with one condemning it as “a shame”.

On social media, someone said angrily: “And another store bites the dust! Just shut everything down, demolish it and rebuild it.”

As he slammed the town center, one said: “It’s a terrible place to be. I’m looking forward to it being demolished and hopefully something better taking its place. But it really needs to happen now before it collapses.”

Another said: “They should really look into this. It’s a horrible city center, there are loads of coffee shops, hairdressers and charity shops and buckets, not real shops.”

Other locals had more sympathy for the staff.

One customer said: “I feel sad for the staff, I hope they did the same employment opportunities elsewhere.”

But many residents feared the move will now leave their town “ghostly”.

One said: “Yes, more job losses. Cumbernauld was a ghost town a few years ago, now it’s a graveyard.”

Another added: ‘This town center is way past its sell-by date. Those in power must stop dragging their feet.

A third wrote: “It’s a disgrace and an eyesore not fit for purpose with an increasing lack of shops.”

A fourth slammed: “Absolute disgrace of a shopping centre.”

It comes after a series of New Look closures since early 2023.

Most recently, it shuttered its branch in Shirley, Southampton, on December 3.

In October it closed its store in Maybird Shopping Park, Stratford-upon-Avon.

Meanwhile, it closed one of its stores in Worcestershire for good on September 9 and another in Beverley, East Yorkshire, the day before.

The retailer also closed stores in Slough and Windsor in September and pulled down the shutters of a Lancaster store.

But it’s not all bad news for the retailer, as it has also opened branches.

It opened a larger site in The Fosse Park Shopping Park, Leicester, last September, after temporarily closing the site over the summer.

New Look has also opened stores in Grimsby and Leicester in recent months.

It comes as the Body Shop is set to close 21 branches this week, dealing a further blow to the high street.

The cosmetics and skincare chain went bankrupt last month, before announcing that 75 stores would close.

Why are retailers closing their stores?

Retailers have been feeling the pressure since the crisis pandemicwhile shoppers are cutting back on spending due to the increase cost of living crisis.

High energy costs and the move to online shopping after the pandemic are also taking their toll, with many high street stores struggling to continue.

The high street has seen a slew of closures in the past year, with more to come.

The number of jobs Job losses in British retail fell last year, but 120,000 people still lost their jobs, figures show.

Figures from the Center for Retail Research show that 10,494 stores will have closed for the last time in 2023 and 119,405 jobs will have been lost in the sector.

It was fewer stores than had been lost in recent years, and a decrease from the 151,641 jobs lost in 2022.

The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.

Although there were some big name losses on the high street including WilkoMany large companies had already gone bankrupt before 2022, the center said Top shop owner Arcadia, Jessops and Debenhams.

‘The cost of living crisis, inflation and rises in interest rates have led to many consumers tightening their belts, causing retail spending to fall,” said Prof Bamfield.

“Retailers themselves have faced rising energy and occupancy costs, staff shortages and declining demand, making rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”

Besides Wilko, which employed around 12,000 people when it went bust, the biggest failures of 2023 include UK Flooring Direct, Planet Organic and Tile Giant.

The Center for Retail Research said most stores were closed as companies tried to reorganize and cut costs rather than face bankruptcy.

However, experts have warned that more bankruptcies are likely this year as consumers tighten their belts and borrowing costs for businesses soar.

According to official figures, about 14% of bankruptcies last year occurred in retail businesses.