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New Look to exit Belgium

By Huw Hughes

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Retail

Struggling British retailer New Look has announced that its Belgium arm is filing for insolvency.

The decision to stop the operations of its six Belgium stores was made by the board of directors of New Look Belgium SA (NLB) following a review of its financial and trading positions. According to the company, NLB’s performance has been below expectations recently, and it has failed to achieve the necessary sales and profitability to continue to operate on a standalone basis.

The company filed for bankruptcy proceedings with the Brussels Enterprise Court on 16 January 2019, and it is expected that a trustee will be appointed to take charge after a court hearing planned for the week commencing 21 January.

New Look is one of the many UK companies struggling amid difficult retail conditions, having announced a spate of store closures last year.

The news comes in the same week that River Island announced it would be closing all of its stores in the Netherlands and Belgium.

Photo credit: New Look, Facebook

New Look
River Island