New Look set to exit Republic of Ireland market

Fashion retailer New Look is set to exit the Republic of Ireland market, putting about 347 workers at risk of redundancy.

The retailer's Irish arm, New Look Retailers (Ireland) Ltd, entered into liquidation on Thursday.

The winding down of operations in the country follows several years of sustained losses and challenging market conditions.

New Look staff were notified immediately following the appointment of provisional liquidators at the High Court, and further staff engagement is planned over the coming days.

In a statement the company said it has 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," the company said.

That review, the company added, concluded "it was no longer viable to continue trading" in the Republic of Ireland.

The move will not impact its parent company in the UK, which will continue to trade through its 344 stores and its website.

A 30-day staff consultation process will now commence for New Look employees in the Republic of Ireland over the coming days.

New Look employs about 347 staff across its 26-store network in the Republic of Ireland.

The company has stores in areas across Dublin, Cork, Galway, Wicklow and Letterkenny in County Donegal.

A majority of its stores are of small to medium size, employing an average of 12-13 staff per store.

It said all its Irish stores will close in the coming days before reopening later this month for a clearance sale.