New Look Poland files for bankruptcy

The board of directors of New Look Poland Sp. z o.o. (NLP) has decided to file for insolvency. The company said in a statement that following a review of its financial and trading position, New Look Poland, which currently operates 19 stores in Poland, has concluded that it is unable to continue trading, and has determined to wind up its operations.

The company added that NLP’s business has not achieved the necessary profitability to continue its ongoing operations on a standalone basis. The company filed for bankruptcy proceedings with the District Court for the capital city of Warsaw on March 18, 2019.

After exiting China and the Belgian market, New Look continues to review its non-core international markets to ensure that it is well positioned to drive strong business performance and profitable growth.

For its third quarter, New Look group’s underlying operating profit reached 38.5 million pounds compared to underlying operating loss of 5.1 million pounds in the third quarter of FY18. Revenues were down 5 percent to 1,016.1million pounds (1,310.6 million dollars) for the third quarter, which the company said were in line with expectations given focus on driving more profitable sales. New Look brand like-for-like sales were down 2.3 percent compared to a 10.7 percent decline same quarter last year, however, like-for-like sales in the UK were positive at 0.9 percent.

Picture:New Look website