New Look store to close
FASHION chain New Look will close its Kingswood store, it has been confirmed.
The struggling retailer announced on March 21 that it will shut 60 of its 593 UK stores, including the women's store at Kings Chase Shopping Centre. Stores in Keynsham and Clevedon will also shut.
In an interview with the BBC, New Look executive chairman Alistair McGeorge said the chain needed to enter a company voluntary arrangement (CVA) - an insolvency procedure involving creditors - to restore profits.
Mr McGeorge said: "It is clear we need to reduce our fixed cost base. We are therefore pleased to have gained the support of our creditors to address our over-rented store estate.
The nationwide closures will mean the loss of up to 1,000 jobs. Store closures will take place over the next 12 months, with some staff already deployed to different locations.
New Look was founded in Somerset in 1969 by Tom Singh.