New Look Poland in Administration

All,

New Look have opted for an insolvent wind-up of their polish business. 

The company previously had officially called time on the Belgian and French operations and its 19 stores in Poland had been under review as well, having been classified as non-core in the Q3 accounts.

There should be no significant EBITDA impact and if anything permits the full cessation of international activities.

We will be adjusting our model and update you shortly. 

Wolfgang 

New Look in Poland - Update

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The Board of New Look Retail Group Limited announces the decision of the Board of directors of New Look Poland Sp. z o.o. (“NLP”) to file for insolvency.

Following a review of its financial and trading position, NLP, which currently operates 19 stores in Poland, has concluded that it is unable to continue trading, and has determined to wind up its operations.NLP’s business has not achieved the necessary profitability to continue its ongoing operations on a standalone basis.

NLP filed for bankruptcy proceedings with the District Court for the capital city of Warsaw in Warsaw, X Commercial Division for Bankruptcy and Restructuring Affairs on 18 March 2019. The business will continue trading while awaiting the appointment of a trustee.

As previously announced, New Look has been reviewing its non-core international markets to ensure it is well positioned to drive strong business performance and profitable growth. This strategic review is continuing.