Full list of 31 House of Fraser closures includes Oxford Street and City of London locations June 7, 2018 House of Fraser's flagship Oxford Street store will close as part of the decision to shutter 31 stores which was confirmed this morning. The City of London will also lose its House of Fraser, which is currently situated on King William Street. Some of House of Fraser's stores have been subject to staggering business rates [...]
House of Fraser confirms plans to close more than half of its stores June 7, 2018 House of Fraser is to close 31 of its 59 stores in a plan to dramatically restructure the chain, in a move its chief executive described as "grim". If approved by creditors, the move will result in the loss of 6,000 jobs: 2,000 House of Fraser employees and 4,000 brand concession staff. The full list of [...]
Buyout firm pulls out of Poundworld rescue deal talks June 6, 2018 The buyout fund circling Poundworld has walked away from talks, throwing the future of the chain into doubt. It emerged over the weekend that Alteri Investors, the backer of troubled chains such as Brantano and Jones Bootmaker, was in discussions over a possible rescue deal for Poundworld. But Sky News reported today that the firm [...]
House of Fraser denies rumours of CVA showdown June 4, 2018 House of Fraser has insisted its restructuring plan is "on track" despite reports suggesting its landlords could block the plans. The retailer is expected to close a swathe of its stores under a company voluntary arrangement (CVA), the same mechanism used by New Look and Mothercare among others. But some creditors are understood to be [...]
Mothercare subsidiary Childrens World fails to get CVA approval June 4, 2018 Part of Mothercare's restructuring plans has been put to a halt after it emerged that it did not get full support from creditors. Shares in the company fell 6.5 per cent after lunchtime when the announcement was made. Last week creditors voted to approve Mothercare's company voluntary arrangement (CVA), which is likely to result in [...]
Carluccio’s gets green light from creditors to close up to 30 restaurants with company voluntary arrangement May 31, 2018 Carluccio's has announced its proposal to enter a company voluntary arrangement (CVA) has been backed by creditors, with the closure of 30 restaurants. The Italian restaurant chain said the proposal was required to restructure the company by ditching a number of loss-making restaurants from its 103 UK sites. Carluccio's said today the process will impact [...]
Ocado joins FTSE 100 as Marks & Spencer narrowly escapes being kicked off May 30, 2018 Online retailer Ocado officially joined the FTSE 100 today, while embattled department store Marks & Spencer narrowly avoided dropping off the blue chip index. Ocado was promoted from the FTSE 250 in a quarterly reshuffle by index provider FTSE Russell that also saw bookmaker GVC promoted. Ocado’s FTSE jump comes after the retailer’s shares soared [...]
Homebase’s perception drops on news of sale to restructuring firm Hilco May 30, 2018 Last week, in another dent to bricks and mortar retail, Homebase announced it had been sold to retail restructuring firm Hilco for a sum of just £1. Australian company Wesfarmers bought the brand for £340m back in 2016. However, industry experts panned its strategy and management, accusing it of failing to appreciate the difference between [...]
The City’s Pret employees celebrate £1,000 bonus after JAB Holdings takeover May 29, 2018 Pret A Manger employees in the City today celebrated news that they would be receiving a £1,000 bonus after the company announced it will be acquired by German conglomerate JAB Holdings. “I only just heard,” said Mohamed Naim, 19, who works at a store on Fenchurch Street. “I still can’t believe it. It’s a bit [...]
Number of large department stores in England falls 25 per cent in less than a decade May 29, 2018 In a further sign of the ailing UK retail sector, new research has found that the number of large UK department stores in England has fallen by 25 per cent in less than a decade. According to peer-to-peer property lending platform Lendy, the number of large department stores, which it defines as multi-level stores that [...]