New Look could be put up for sale with the owners in talks with advisers to carry out a strategic review of the business. It comes after the chain has closed a dozen shops so far this year, with a further store set to shut for good next month.

The owners of New Look, Alcentra and Brait, have reportedly called in financial advisory group Rothschild to oversee the review. Alcentra and Brait has owned the fashion chain since 2020 but has faced ongoing financial challenges and declining revenue in recent times. However, the latest update means the company is not going bust.

As reported by The Sun, a New Look spokesperson said: "Management are focused on running the business and executing the strategy for long-term growth. The Company is performing well, with strong momentum driven by a successful summer trading period and notable online market share gains."

New Look spent over £30 million on its online operations in April and now over 40% of their revenue comes from digital sales. Most customers now favour shopping online rather than heading to a physical shop.

The business previously warned it would shut nearly 100 stores due to National Insurance hikes. Around a quarter of New Look's 364 stores are at risk of closing when their leases expire.

The retailer shut a store in Birmingham on June 8 after closing a site in Devizes, Wiltshire, just weeks before. A branch in Scarborough will now also close for good on September 17.