In a surprising turn of events, popular fashion retailer New Look has decided to bid adieu to the Republic of Ireland market, a move that could potentially impact around 347 employees as the company’s Irish arm, New Look Retailers (Ireland) Ltd, officially entered into liquidation last Thursday.
The decision to wind down operations in Ireland comes after a series of challenging years marked by sustained losses and a tumultuous market landscape. This move underscores the harsh reality facing many businesses amidst uncertain economic conditions.
Promptly after the appointment of provisional liquidators at the High Court, New Look notified its staff of the impending changes, with further communication and engagement sessions scheduled in the days ahead. The company expressed the need to navigate through a difficult external environment that has only grown more unpredictable with time.
While New Look made efforts to adapt to the evolving market by enhancing its product offerings and digital presence, the escalating volatility in trading conditions forced the company to accelerate its strategic plans, which involved a thorough review of its operations in the Republic of Ireland. Following this review, it was determined that continuing operations in the country was no longer a feasible option.
Fortunately, the exit from the Irish market will not impact New Look’s operations in the UK, where the parent company will continue its business through its network of 344 stores and online platform.
As the process unfolds, a 30-day consultation period will commence for the affected New Look employees in Ireland, ensuring that their voices are heard and their concerns addressed during this transitional phase.
New Look currently employs approximately 347 individuals across its 26-store network in the Republic of Ireland, with stores located in key areas such as Dublin, Cork, Galway, Wicklow, and Letterkenny in County Donegal. The majority of these stores are of smaller to medium size, typically accommodating an average staff count of 12 to 13 employees per store.
Looking ahead, all New Look stores in Ireland are expected to close in the coming days, followed by a re-opening later this month for a clearance sale as the company navigates through this period of transition.
The decision to exit the Irish market is undoubtedly a challenging one for New Look and its employees. It reflects the harsh realities faced by businesses in an ever-changing economic landscape, where tough choices must be made to ensure the sustainability and long-term viability of companies in the face of adversity.
While the future may seem uncertain for now, New Look remains committed to supporting its employees through this transition and to exploring new opportunities for growth and success in the days to come.
