Irish retail family agrees last-minute rescue for some Poundworld stores August 9, 2018 A glimmer of hope has appeared for Poundworld after an Irish retail family swooped in to buy the business on its last day of trading. The Henderson family said today that its offer to buy as many as 50 of the best remaining stores for an undisclosed sum had been accepted by administrators Deloitte. Although [...]
European investment takes bite out of Domino’s Pizza first half profits August 7, 2018 Takeaway giant Domino's Pizza profits cooled down in the first half as costs investing in new markets in Norway and Sweden took a bite out of earnings. Its shares experienced a double digit loss in the morning, shedding 10 per cent as it revealed its falling profits. The figures Statutory profit before tax lost 9.7 [...]
House of Fraser turns down entrepreneur’s offer to take on 31 stores August 7, 2018 House of Fraser has turned away a “lowball” offer by a businessman to take over its 31 stores which are set for closure, City A.M. can reveal. The entrepreneur whose bid to take over the City branch of House of Fraser was turned down last month put forward an offer to buy the assets and [...]
Sweet farewell: Nooyi to step down after 12 years as Pepsi boss August 6, 2018 Long-serving PepsiCo boss Indra Nooyi will step down in October after 12 years in the post. Sales have grown 80 per cent under her leadership, making Pepsi one of the most lucrative food and beverage companies in the world. Nooyi, who promoted Pepsi’s campaign to reduce sugar content in its drinks, is one of the small [...]
Greggs flags flat full year profits as it says it’s cautious on consumer outlook July 31, 2018 Greggs has said profits will be flat for 2018 as the baked goods business warned it is cautious about the consumer outlook. But investors were happy with its solid half year update: Greggs' share price was up 5.9 per cent in early trading. The figures Total sales at Greggs rose 5.2 per cent to £476m, [...]
DIY SOS: Travis Perkins warns Wickes profits will be lower as consumers spend less on home improvement July 31, 2018 Wickes parent Travis Perkins warned this morning that the home improvement retailer’s profits will be lower than expected due to a weaker consumer backdrop in the UK’s DIY market. Shares dropped more than eight per cent in early trading. The figures The business, which also has several trade-facing units, reported like-for-like revenue growth of 4.2 [...]
Exclusive: Fashion group halted in bid to fill House of Fraser City branch July 30, 2018 An audacious bid to fill the House of Fraser branch in the City has been stopped in its tracks, after the landlord opted to sit on the property while market conditions remain uncertain. The department store on King William Street is one of the 31 slated to close next year under the chain’s company voluntary [...]
Farewell to Poundworld: Struggling retailer to close every single store and disappear from the high street July 19, 2018 Embattled retailer Poundworld is set to close all of its remaining stores and vanish from the high street entirely as early as next month, according to the firm's administrator. Deloitte has said all of Poundworld's 190 remaining stores will likely close by 10 August, affecting 2,339 staff. The discount goods retailer, which went into administration [...]
Steak restaurant chain Gaucho has filed for administration July 18, 2018 Steak restaurant Gaucho is expected to fall into administration as early as today after rescue talks for the chain failed. The company has filed a notice of intention to appoint an administrator, it confirmed this morning. “Despite an extensive options process which attracted proposals from a number of parties, it is with regret that due [...]
Build-A-Bear Workshop’s ‘pay your age’ promotion backfires July 17, 2018 Last week, children’s toy store Build-A-Bear found itself in the headlines following a promotional campaign that backfired. Stores rolled out a ‘pay your age’ day, in which parents could buy a teddy bear for the price of the age of their child. However, the initiative took a sour turn after keen customers were left standing [...]