New Look Belgium has filed for insolvency as part of a move to stem losses following a debt-for-equity swap made earlier this week. New Look Belgium operates six stores in the country, filed for bankruptcy proceedings with the Brussels Enterprise Court on 16 January.
The retailer will wind up its Belgian operations due to a performance that has been trading below expectations. This follows New Look’s exit from China. In the UK, New Look may close up to 100 UK stores as part of its CVA, which aims to turnaround the business by cutting costs to improve profitability.
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