BRANCHES of New Look in East Lancashire will remain open despite the retailer announcing it is to close 60 shops around the UK.

The move, which could put up to 980 jobs at risk, has been made in an attempt to rescue the company after revenue tumbled by millions of pounds. 

New Look has two stores in East Lancashire, in Blackburn and Burnley, both of which are set to stay open.

The company has said it is instigating a Company Voluntary Arrangement and is seeking approval from creditors on a plan to improve the operational performance of the company.

Alistair McGeorge, executive chairman of New Look, said: “Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability. 

“We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed.” 

The company said it expected a maximum of 980 redundancies out of a workforce of 15,300 as a result of the store closures which would take place over the next six to nine months. They have also stated that all efforts will be made to redeploy as many of their staff as possible. 
The closure of the stores come at a tough time on the high street which has seen as a string of well known brands close. 

Earlier this month both Toys R Us and Maplin announced they were entering into administration with stores in both Blackburn and Preston closing their doors.