Former New Look boss Alistair McGeorge returns to the business

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Reports have emerged that former New Look boss Alistair McGeorge has returned to the business in the wake of Anders Kristiansen’s resignation.

According to Retail Week, McGeorge is reportedly leading trading meetings and weekly director meetings at the embattled retailer.

He previously spend two-and-a-half years as executive chairman of New Look, plus another eight months in a non-executive role until May 2014.

It is not yet confirmed if McGeorge’s return is permanent or temporary.

It is understood that he is working closely with New Look UK and Ireland managing director Danny Barrasso on a turnaround strategy to bring the retailer back to growth.

The news comes amid turbulent times for the fast-fashion retailer, after it revealed a 60 per cent dive in profits in its last quarter and a hefty £1.2 billion debt.

The quarterly update followed a lacklustre fiscal year ending March 25 that saw EBITDA plummet 31.8 per cent to £155 million whole UK like-for-likes dropped 6.8 per cent.

The disappointing financial performance led to the exit of Kristiansen at the end of August.

McGeorge himself is credited with stabilising New Look’s fortunes during his time at the helm, and his return is reportedly part of an overhaul of the leadership at the retailer.

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