Fashion retailer New Look is closing all 26 of its Republic of Ireland stores and making 347 shop employees redundant after announcing that it is to wind down its Irish operations.

New Look said it was exiting the market after 22 years following “several years of sustained losses and challenging market conditions.” It has appointed Shane McCarthy and Cormac O’Connor of KPMG Ireland as provisional liquidators for the business and its assets.

New Look will close the stores over the coming days and reopen on 23 February for a clearance sale, while shoppers will still be able to access the brand’s clothing through Asos and Very. It also will begin a 30-day consultation with staff.

The retailer said it had attempted to adapt to the market, including marketing initiatives, store adaptations and price range trials. It said the appointment of liquidators “was not taken lightly” but that it had concluded that its Irish business was no longer viable following a strategic review.

Retail performance more broadly in Ireland has been relatively robust, with provisional retail sales from the Central Statistics Office for December showing that excluding motor trades, the monthly volume of retail sales was up by 0.3% in December and increased by 1.1% in the year when compared with December 2023. However, New Look said its Irish operation had struggled for some years, impacted by a range of factors including supply chain costs and squeezed consumer spending.

“Over the past few years, we have had to navigate a tough external environment which has only become more unpredictable,” New Look said in a statement. “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.

“Following this review, the group regrettably concluded it was no longer viable to continue trading here, so it has made the difficult but necessary decision to enter liquidation in this market.”

The six Dublin stores closing are located at Northside Shopping Centre, Liffey Valley, Tallaght, Omni Park, Blanchardstown and Jervis Street. Four Cork stores at Wilton, Ballincollig, Blackpool and Opera Lane will also shut, plus two stores each in Galway and Wicklow and seven other locations.

Total investment in commercial real estate in Ireland reached €2.4B in 2024, representing annual growth of 30%, according to figures from JLL Ireland, and the retail sector emerged as the year's standout performer, making up almost half the market by volume. Retail accounted for activity worth €1.05B across 31 deals, up 142% from 2023 and 43% above the 10-year annual average.