According to Drapers, New Look aims to start the process of removing its mens offering from its 160 stores in the next four to six months. It also intends to close its 11 standalone menswear branches and sell the range through third parties such as Asos and Zalando as well as it own website.
It is also reported that the instore space created is likely to be filled with its childrenswear 915 brand and womenswear.
The news comes after earlier this year the company announced it reached an ‘in principle’ debt-for-equity swap proposal with key stakeholders to reduce its debt from £1.35bn to £350m.
It also follows the appointment of Nigel Oddy as chief COO earlier this month. Oddy was formerly CEO of The Range and also spent over ten years at House of Fraser and joined New Look to help in its turnaround strategy.
Alistair McGeorge, executive chairman, said at the time of the appointment: “On behalf of the board, I am delighted to welcome Nigel to the business. His operational expertise and significant retail experience will be a great asset to the team as New Look continues to deliver on its turnaround strategy and reposition itself for future growth.”
Retail Sector has reached out to New Look for comment.