A FASHION chain store in Aberystwyth is believed to be safe despite the company set to close around 60 stores across the UK after entering into deal with creditors.

New Look has confirmed that creditors overwhelmingly voted in favour of its company voluntary arrangement proposal this week, meaning nearly 1,000 staff are set to be made redundant and 60 stores shut down in the next 12 months.

The closures are not expected to affect the one on Great Darkgate Street in Aberystwyth, which has not been included on a provisional list of stores earmarked for closure.

The company considered the future of 60 stores as part of a potential arrangement to restructure the chain’s obligations to creditors.

It has been suggested that as part of a CVA the company would close around 10 per cent of its UK’s stores as well as trying to cut the rent it pays on other stores which would remain open.

The CVA was approved by 98 per cent of the fashion retailer’s creditors and landlords on 21 March. It will last three years.

Final decisions on individual store closures will be made by the retailer and the stores’ respective landlords over the next 12 months.

New Look stressed that no stores will close on day one of the agreement.

See this week’s south papers for the full story, available in shops and as a digital edition on Wednesday