Struggling high street fashion retailer New Look is going ahead with a CVA that could result in 60 store closures. The proposal to reduce its UK store estate and rental costs comes amid challenged trading performance and a difficult retail environment. The company is today instigating a company voluntary arrangement and seeking approval from creditors on a plan to improve the operational performance of the company. Under the proposal, New Look has identified 60 out of its total 593 stores in the UK for potential closure, alongside a further six sites sublet to third parties. The proposal also includes a reduction in rental costs and revised lease terms across 393 stores. New Look is seeking creditor approval on the proposal, which is due on 21 March.