New Look is shutting its Irish operations.
The clothing retailer has announced it will hold a clearance sale on Sunday.
It has six branches in Dublin including Liffey Valley, The Square, Blanchardstown, Jervis Street, Omni Park and Northside Shopping Centre.
The High Court today approved the appointment of liquidators to oversee the winding down of the business and its assets.
New Look says this decision was not taken lightly, but came after several years of sustained losses and challenging market conditions.
It employs 347 staff across 26 stores in 16 counties, it's believed they will be subject to a redundancy programme.
The company says employees were notified immediately and more engagement will take place in the coming days.
A clearance sale will take place at New Look shops around the country on Sunday.
Irish customers will still be able to access New Look collections through retailers like ASOS and Very.
It released the following statement: "New Look Retailers (Ireland) Ltd [‘New Look’] today sought the appointment of Provisional Liquidators as it seeks to wind down its Irish operations following several years of sustained losses and challenging market conditions.
"The High Court today approved the appointment of Shane McCarthy and Cormac O’Connor of KPMG Ireland as Provisional Liquidators over the business and its assets.
Staff Engagement
"New Look’s staff were notified immediately following this appointment and further staff engagement is planned over the coming days. New Look employs a total of 347 staff across its 26-store network in the ROI. A majority of its stores are of small to medium size, employing an average of 12-13 staff per store.
"A 30-day staff consultation process will commence over the coming days. Regrettably, a collective redundancy process, impacting all colleagues in the ROI is also envisaged.
"The decision to seek the appointment of liquidators was not taken lightly. New Look’s Irish operation has struggled for some years, impacted by a range of factors including supply-chain and in-market costs, and squeezed consumer spending.
"New Look has undergone changes to adapt to this market – including marketing initiatives, store adaptations and price range trials - however, following a strategic review of the Irish business, New Look Group concluded it was no longer viable to continue trading in Ireland. The Group will refocus investment on its UK business and its digital offering."
"Struggle"
A New Look spokesperson commented: "Over the past few years, we have had to navigate a tough external environment which has only become more unpredictable.
"We have adapted to this evolving landscape by investing in our product proposition and digital offer.
"However, due to the increasingly volatile trading conditions we needed to expedite our existing plans, which included conducting a review of our operations in the Republic of Ireland.
"Following this review, the Group regrettably concluded it was no longer viable to continue trading here, so it has made the difficult but necessary decision to enter liquidation in this market.
"Our Irish business has struggled for many years due to rising costs and squeezed consumer spending, despite our efforts to turnaround the performance.
"Our focus now is on supporting our colleagues through this process.
"We remain confident in the UK market and take pride in offering our customers great-value, high-quality fashion."
New Look stores will be closed over the coming days, before re-opening on 23rd February for a clearance sale.
