Full coverage: New Look

The issues impacting New Look and Quiz appear to be company-specific as struggling outposts of UK parents. When you delve into the data, the outlook for Irish retail is not as bleak as it might appear.

Long-suffering fashion brand New Look is to close in Ireland. The removal of financial support from its UK parent was the final blow in a long story of decline.

In a landmark judgement, the High Court has agreed with landlords that the retailer New Look is not yet insolvent and has set aside the appointment of an interim examiner. The result is expected to set down a marker for failing businesses in the Covid era.

Unpaid landlords say the high street chain is sitting on a big cash pile of €15.6 million and may be using the insolvency process to write down its long-term rent debts. The outcome of today's High Court petition could set down a marker for failing businesses in the Covid era.

It has grown both sales and profitability across its Irish network. However, as it prepares for a radical restructuring of its beleaguered UK business, New Look is now working with advisers to assess options for its Irish subsidiary including a potential examinership.