The company announced 60 of its store will be shut in a desperate bid to cut costs.
Hannah Maundrell, Editor in Chief of money.co.uk said: 'It's sad but not surprising New Look are closing stores - it will be yet another sad loss to many high streets.
As a result of the closures 980 people's jobs are at risk but the company has pledged to redeploy staff within the business where possible. If approved, the CVA will also see rents slashed and leases revised.
New Look has asked its creditors to approve the proposal by March 21 and its United Kingdom stores will remain open until then.
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Daniel Butters, partner at Deloitte, said: "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".
According to McGeorge, the "over-rented United Kingdom store estate" was a key problem for the retailer and negotiations with landlords had resulted in agreements that could reduce the clothing store's fixed cost base, boosting profits.
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 United Kingdom like-for-like sales plunged 10.7 per cent and online sales fell 15 per cent.
We have held constructive discussions with our key landlords and strategic partners and will now seek creditor approval on our CVA proposal. All stores will remain open as usual until then, while the online sales channel will be completely unaffected by the changes put forward. "A priority for us is to keep all potentially affected colleagues informed during this hard time". 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.
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New Look has revealed it may be forced to close 60 of its stores.
Owned by South African investment company, Brait SE, is struggling in the current retail environment, having to come to an agreement with creditors to keep the New Look brand running.
The company says all United Kingdom stores will remain open as normal during the period of the proposal and its online sales channel will be "completely unaffected" by the proposed changes.
While the final decision is yet to be taken, all United Kingdom stores will remain open as normal.
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