A NEW Look store in Newton Mearns could be set to close as part of a rescue plan to help the company avoid going into administration.

The store in The Avenue Shopping Centre is one of 60 in the UK under threat as the fashion retailer plans to axe 980 staff and slash rent on nearly 400 shops.

New Look said it was looking to close nearly 10 per cent of its 593-strong UK store estate, with a further six sites that are sub-let also due to shut as it pushes ahead with a company voluntary arrangement (CVA).

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."

A CVA is designed to allow a company and its creditors to reach agreement and avoid administration.

New Look confirmed that all stores will remain open as normal until creditors vote on the CVA proposal on March 21.

Details of the potential job losses and store closures follow dire figures from New Look last month, when it posted a pre-tax loss of £123.5 million in the three quarters to December, while UK like-for-like sales plunged 10.7 per cent and online sales fell 15 per cent.

Daniel Butters, a partner at Deloitte who is handling the New Look CVA, 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."