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Fashion chain New Look is preparing to accelerate planned store closures as it deals with the Labor budget tax raid.
Around a quarter of the company’s 364 UK stores are at risk, raising fears of massive job losses among its 8,000 workers, The Sunday Times reported.
It marks another overhaul for New Look, which has restructured its physical offering twice since 2018, when it had almost 600 stores.
It comes as Chancellor Rachel Reeves’ decision to increase National Insurance contributions and implement a rise in the minimum wage to combat inflation continues to weigh heavily on retailers.
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Last week, the Retail Research Center predicted that 17,350 stores will close in 2025, the highest number since it began collecting data in 2015.
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