UP TO 980 jobs are being axed at retailer New Look under plans to shut 60 stores and slash rent on nearly 400 shops as part of a rescue deal, the company said – but branches in Stroud, Cirencester and Yate are not on the hit list.

New Look has asked creditors for a Company Voluntary Arrangement (CVA) which will allow it to continue trading while cutting costs such as high rent bills.

There are plans to shut 60 stores and an announcement has been made on which branches will face the axe.

This means that the Stroud branch, in Merrywalks Shopping Centre, the Yate Shopping Centre store and Cirencester's Cricklade Street outlet will continue to trade. 

A New Look spokesman said that the store closures would lead to redundancies, with up to 980 jobs out of its workforce of 15,300 under threat, although it would look to redeploy staff where possible.

New Look's rescue plan will also see the group ask landlords to slash the rent and revise leases on 393 stores across the UK.