New Look has launched a process to seek new investors for its stores in France as the UK fast fashion retailer continues to review its performance in international markets.
The retailer said the executive committee of New Look France has taken action to seek new investment for its 30 stores in the country.
“As previously disclosed, trading in France has remained challenging, and New Look Group has been conducting a review of its international strategy as part of its wider financial restructuring to ensure the company is well positioned to drive strong business performance and profitable growth in the future,” a New Look spokesperson told just-style.
“New Look France is working with the local Works Council and employee groups to support employees at this time. During the process, stores will continue to operate as usual and an announcement will be made in due course as appropriate.”
The news comes less than two months after the retailer announced its Belgium division has filed for insolvency.
Last month, New Look said it continues to make good progress on its turnaround plan, with a return to broad appeal product, improved supply chain lead-times, and cost reductions giving a much-needed boost to third-quarter profit.
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