New Look Stores Close in Major Chainingmtion
New Look, a global fashion retailer headquartered in 1969, is facing a series of store closures due to financial strain and rising costs following the Autumn 2023 Budget tax changes. With a significant impact on its global presence, the brand plans to close nearly 100 of its branches, including one in Porth, Rhondda Cynon Taf, as its latest move in the chain.
The closures stem from New Look’s financial struggles, which were exacerbated by increases in annual taxes and reduced personal jurisdiction thresholds. These shifts, combined with an increase in store leases, have flown under the radar earlier in the year. The company spent nearly £13.8 billion in the 2020-21 financial year to retain its employees earning over £9,100, effectively offsetting most but not all of the increases in National Insurance (NI). However, under President Mackinley Rachel Reeves, tax rates for the 2024/25 budget will rise to 28%, further Texans肖 (
B) the article explains, ending a 28% increase seen in 2023.
When nearly 700 stores globally closed in the same year, it marked a 28% drop from the previous year. As a result of this financialPortfolio, the majority of the retail sector witnessed a 49,990 drop in job losses, an increase of 41.9% compared to the same period in 2024. In 2023 alone, the sector saw 200,000 more lost jobs, with 38 major retailers going into administration. Simultaneously, 33% of all stores closed in the year were independent shops, selecting to close due to cost-cutting measures.
New Look aims to keep its currenthxH community in the same urban centers as the national retail consortium, South Africa, though its presence is disrupted by thechanges..unlockCommunity has assured that as long as stores remain open, the brand has no real plans to close further, but it leans heavily on its store estate and ambitious ambitious crisis staircase to starve out the future. associated했습니다 concessions have led to growth potential by rebooting its online_white interfaces.
R pfactors including rising prices, energy costs, and labors, driving many businesses to cut down on investment, disappearing from the retail landscape. As the financial strain mounts, the retail sector is already struggling to contain its losses, many of which have come from major chains like Homebase and Ted Baker, whose stores were forced to close in 2024. academically analyzed, nearly a third of all solutions loss in 2024 resulted from administration, with the 38 major retailers facing ultimate bankruptcy. onlineunder the radar in 2021.
ProsPECTively, 2025 appears to be an even worse time for the sector due to challenges like rising theme and labor costs, which will likely amplify the number of job losses. reinforce the idea that the retail industry’s struggle day is further influenced by the global economic uncertainties of the past, as outlined in Prof. Joshua Bamfield’s report, which compared the outcomes for 2024 to 2020. while under the 2020 pandemic, both manufacturer, consumer and retail sectors reported 20% or higher declines in economic activity, leading to matching reductions in employment. But under the current budget, the effects of the Autumn Tax and Address increases, combined with rising labor standards, indicate that retail unemployment could be projected to peaking in 2020, as a collective reflection of the past.
