MONMOUTH’S New Look store is one of 60 which could close this year.

The clothing store is in line for closure after the company today announced a proposal to reduce its UK store estate and rental costs, quoting challenged trading performance and a difficult retail environment.

Under a Company Voluntary Arrangement (CVA) proposal, New Look has identified 60 out of its total 593 stores in the UK for potential closure, alongside a further six sites which are sub-let to third parties. The proposal also includes a reduction in rental costs and revised lease terms across 393 stores.

The company says as many as 980 jobs could be affected nationwide.

All UK stores will remain open as normal during the period of the proposal and the Company’s online sales channel will be completely unaffected by the proposed changes.

Alistair McGeorge, Executive Chairman of New Look, said: “Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability.

“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time.”