New Look is set to close all 26 stores across the Republic of Ireland, resulting in approximately 350 job losses, in a mass exodus from the market.
The fashion retailer announced it would enter liquidation following several years of sustained losses and challenging market conditions.
The company, which has operated in Ireland since 2003, currently employs 347 people across its network in the Republic with the decision coming as New Look plans to refocus investment on its UK business and digital offering.
Despite this latest store closure announcement, collections will remain available to Irish customers through online retailers Asos and Very.
No new locations have been earmarked for closure in the UK, but Britain's high streets have been hit hard by stores shutting down in recent years.
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New Look is closing multiple stores across Ireland
PAThe High Court in Ireland approved the appointment of provisional liquidators on Thursday, marking a formal step in the company's wind-down process. Staff members were immediately notified following the High Court's decision.
New Look confirmed that further engagement with employees is planned over the coming days. The company emphasised that the decision to appoint liquidators was not taken lightly.
Over the years, the Irish operation has struggled due to various challenges, including supply-chain issues, rising in-market costs, and reduced consumer spending.
Despite attempts to adapt through marketing initiatives, store modifications and price range trials, the group concluded the Irish business was no longer viable.
According to the company, New Look stores will temporarily close before reopening on February 23 for a clearance sale.
Furthermore, a 30-day staff consultation process is set to begin in the coming days.
The company has indicated that a collective redundancy process affecting all employees in the Republic of Ireland is expected.
While job appear to be at risk, the retailer stated it remains focused on supporting its employees throughout this transition period.
A New Look spokesperson explained the decision to exit the Irish market: "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."
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High streets have been hit by a wave of store closures in the last 10 yearsPALisa Hooker, the leader of industry for Consumer Markets at PwC UK, broke down the current state of store closures in Britain and the impact on the wider economy.
She explained: "It’s clear that online retail is here to stay, outpacing physical stores annually.
"As more brands invest in data and really understand their customer, new space increasingly seeks to meet customer trends for convenience, ease of access and fun, creating spaces that feel exciting for consumers to step into.
"All stakeholders, including policymakers, landlords and communities, have a role to play. while some consumer touch points, like grabbing a last minute present or a coffee can’t be replaced online, the high street will need to continue to evolve for a tech-savvy generation with new living, working and playing habits.”
