The fashion retailier has announced a proposal to reduce the number of its UK stores and rental costs, citing challenged trade performance and a difficult retail environment. It has instigated a Company Voluntary Arrangement (CVA), with the 60 proposed closures putting 1,000 jobs at risk. The proposal also includes a reduction in rental costs and revised lease terms across 393 stores. Neither the Barnstaple shop in Green Lanes Shopping Centre or the Bideford High Street store have been identified for potential closure by the company. Alistair McGeorge, executive chairman of New Look, said: Given our challenged trading performance and over-rented UK store estate, we are having to take tough but necessary actions to reduce our fixed cost base and restore long-term profitability. We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. A priority for us is to keep all potentially affected colleagues informed during this difficult time. Another nationwide chain instigating a CVA is Prezzo, who did identify its Barnstaple restaurant as one of 94 branches to be closed across the country.