Struggling high street fashion brand New Look has pulled out of a deal for a new shop at Westfield London’s extension, W12.
The retailer was in advanced negotiations on a new 20,000 sq ft flagship at the £600m extension but is no longer taking the shop as part of its cost-cutting turnaround plan.
New Look already occupies a store in the original Westfield shopping centre and was looking to upsize in the new extension.
The 20,000 sq ft unit is in a prime space in the extension sitting opposite Primark’s new 70,000 sq ft flagship and adjacent to John Lewis, split across the first and mezzanine floors.
The first phase of Westfield’s extension will open alongside John Lewis on March 20, however this unit next to the department store will now be vacant.
New Look is working with CBRE and Deloitte on the future of its business and estate in the UK.
The fashion chain is in the middle of a turnaround plan and is currently considering a CVA, which could see it close around 60 of its 600 UK shops in its 7m sq ft estate.
A CVA would have to be approved by creditors and a decision is yet to be agreed.
