A HUGE fashion chain is set to close its doors in Ireland – with 347 jobs under threat.
New Look has just announced that it will exit Ireland, leaving hundreds facing redundancy.
New Look Retailers Ltd sought to have provisional liquidators appointed today.
The High Court approved that Shane McCarthy and Cormac O’Connor of KPMG Ireland be appointed as Provisional Liquidators over the business and its assets.
It is now set to wind down its operations in Ireland after years of losses and challenging market conditions.
The staff were notified after the appointment.
Further staff engagement is planned for the coming days.
There are 26 stores across the Republic of Ireland, employing 347 staff members.
The majority of these stores are medium sized, averaging around 12-13 staff per store.
Bosses will hold a 30-day staff consultation process in the coming days.
In a statement, the company shared the news to fans.
They said: “Regrettably, a collective redundancy process impacting all colleagues in the Republic of Ireland 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”.
They added that after strategically reviewing the Irish business, the New Look Group decided it was no longer viable to trade in Ireland.
They added: “The group will refocus investment on its UK business and its digital offering.”
“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.”
The stores will now close for the next few days.
They will then open on February 23 for a clearance sale.
They have spent 22 years in the Irish market, having first entered in 2003.
Stores set to close include: Northside Shopping Centre, Liffey Valley, Tallaght, Omni Park, Blanchardstown and Jervis Street in Dublin.
In Cork, the stores in Wilton, Ballincollig, Blackpool and Opera Lane will close.
The space in Galway City and Galway Retail Park will close.
Wicklow stores in Ashbourne and Arklow will also shut.
Other stores impacted include Carlow, Clonmel, Navan, Limerick, Dundalk, Newbridge, Killarney, Dungarvan, Wexford, Mullingar, Letterkenny and Castlebar.
