New Look operations boss Monaghan exits

A source close to the business said Monaghan’s departure was part decided by executive chair Alistair McGeorge as part of an effort to streamline New Look’s top team and turn it into more of a “traditional management structure”.

Monaghan has been at New Look for over 14 years and was responsible for logistics, supply chain and the running of the retailer’s Chinese business in his most recent role, which he has held since 2015. He will exit the business later this year.

Steve Challes, New Look’s group business development director, will also retire from the fashion retailer after 15 years.

The changes to the fashion retailer’s top team follow the recent appointment of former House of Fraser and The Range boss Nigel Oddy as chief operating officer, and come as the fashion brand looks to rebuild after a tough period.

New Look launched a company voluntary arrangement a year ago which led to the shuttering of some 60 stores in the UK.

In October last year, the fashion retailer revealed plans to close all of its 120 stores in China and earlier this year its Belgian business filed for insolvency and its 19-store estate in Poland closed. New Look is also currently seeking a buyer for the French division of its business.

The fashion retailer also agreed a debt-for-equity swap with some of its key stakeholders in January, in a bid to slash long-term debt from £1.3bn to £350m.

Oddy took up his new role on April 1 and will look to press ahead with New Look’s turnaround plans.

New Look declined to comment.