New Look Leaving China

London-based retailer New Look announced that it is pulling out of China, and will consequently close all 120 of its stores there. The stores will close by the end of the year, and the company’s Chinese head office in Shanghai will close in 2019.

According to Reuters, the decision to pull out of the country is a part of the company’s review of its international strategy and found that performance in the company was below expectations despite substantial investments. Consequently, it determined the market was not profitable enough to support its business there.

This move also follows the company’s near-collapse into administration earlier this year.