NEW Look Men in Bolton is at risk of closure.

The company announced it is looking at closing 60 stores nationwide because of its ‘challenging trading performance’.

New Look revealed the stores at risk of closure today, including the Bolton and Wigan menswear stores.

The Bolton menswear store is located on the ground floor of The Market Place and opened in July 2016. At that time it was one of only nine dedicated New Look menswear stores in the UK.

Stores which have been named as at risk are likely to be either those in areas with more than one store or those which have not been making a profit.

The company instigated a company voluntary agreement (CVA), in order to reach an agreement with its suppliers and landlords.

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.”

Under the CVA 60 of the company’s 593 stores in the UK have been identified for potential closure.

No one from the Bolton New Look Men store was available for comment.

In addition, 980 jobs are at risk of redundancy as part of the agreement, nationally the company employs 15,300 people and efforts will be made to employ staff elsewhere in the business.

The CVA propsal also includes a reduction in rental costs and revised lease terms at 393 stores.

Daniel Butters and Neville Kahn of Deloitte LLP, the business advisory firm, have been appointed as nominees to the CVA.

Daniel Butters, partner at Deloitte, said: “The retail trading environment in the UK remains extremely challenging, driven by weaker consumer confidence, the implications of Brexit and competition from online channels.

“New Look is an iconic brand on the high street and the CVA will provide a stable platform upon which management’s turnaround plan can be delivered. We have fully engaged with the British Property Federation and its members and their views are reflected in what we believe is a fair proposal to restructure the property obligations of the Company.

“It is important to stress that no stores will close on day one, and employees, suppliers and business rates will continue to be paid on time and in full.”

A representative of The Market Place declined to comment because the proposals were still in their early stages.