BREAKING: Fashion retailer to close Limerick store as it exits Irish market

FASHION retail giant New Look has announced that they will be closing its Limerick store at Cruises Street as part of a nationwide closure.

The company has 26 stores in the Republic of Ireland and employs 347 staff. There are six stores in Dublin, four in Cork, two in Galway, two in Wicklow, one in Carlow, Clonmel, Navan, Dundalk, Newbridge, Killarney, Dungarvan, Wexford, Mullingar, Letterkenny and Castlebar. 

In a statement released on Thursday, New Look said they have "sought the appointment of Provisional Liquidators as it seeks to wind down its Irish operations following several years of sustained losses and challenging market conditions."

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The retailer said that staff were notified immediately and further staff engagement is planned over the coming days. The statement added: "Regrettably, a collective redundancy process, impacting all colleagues in the ROI is also envisaged."

New Look said the decision was not taken lightly, however its Irish operation has "struggled for some years" with supply-chain and in-market costs as well as squeezed consumer spending. 

The statement said: "New Look has undergone changes to adapt to this market – including marketing initiatives, store adaptations and price range trials - however, following a strategic review of the Irish business, New Look Group concluded it was no longer viable to continue trading in Ireland. The Group will refocus investment on its UK business and its digital offering."

A New Look spokesperson added: "Over the past few years, we have had to navigate a tough external environment which has only become more unpredictable. We have adapted to this evolving landscape by investing in our product proposition and digital offer. However, due to the increasingly volatile trading conditions we needed to expedite our existing plans, which included conducting a review of our operations in the Republic of Ireland.

"Following this review, the Group regrettably concluded it was no longer viable to continue trading here, so it has made the difficult but necessary decision to enter liquidation in this market. Our Irish business has struggled for many years due to rising costs and squeezed consumer spending, despite our efforts to turnaround the performance. Our focus now is on supporting our colleagues through this process. We remain confident in the UK market and take pride in offering our customers great-value, high-quality fashion."