New Look has announced its Poland division has filed for insolvency, just two months after the UK fast fashion retailer wound up its operations in Belgium.
In a statement, it said following a review of the financial and trading position of New Look Poland Sp. z o.o. (NLP), which operates 19 stores in the country, the division is unable to continue trading and has determined to file for insolvency.
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“NLP’s business has not achieved the necessary profitability to continue its ongoing operations on a standalone basis,” New Look said.
The division filed for bankruptcy proceedings with the District Court for the capital city of Warsaw in Warsaw, X Commercial Division for Bankruptcy and Restructuring Affairs yesterday (18 March). The business will continue trading while awaiting the appointment of a trustee.
New Look has previously announced it is reviewing its non-core international markets to ensure it is well positioned to drive profitable growth. As well as winding down its Belgium division in January, it is also seeking new investors for its stores in France.
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In February, 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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By GlobalDataThe strategic review of New Look’s other non-core international markets continues.
