House of Fraser administrator faces complaint over Sports Direct sale September 3, 2018 House of Fraser's administrator is facing a complaint over its handling of the department store's collapse and sale to Sports Direct. In a letter seen by City A.M., businessman Paul Mckie claimed he was told by Ernst & Young on the morning of the administration that the firm had not been appointed. The official complaint, [...]
JD.com boss returns to China after being put under US arrest for sexual misconduct September 3, 2018 The top boss of Chinese retail giant JD.com has been allowed to travel back to China after his arrest in the US on suspicion of criminal sexual misconduct. Richard Liu was arrested in Minneapolis on Friday evening and released "pending complaint" the following afternoon, according to police records. JD.com said in a statement today that Liu [...]
Berry Bros & Rudd boss Dan Jago interview: Uncorking Britain’s oldest wine merchant September 3, 2018 The flagship shop of Berry Brothers & Rudd has remained unchanged for over 300 years. Famous customers, from Byron to Churchill, have stepped through the doorway and left St James’s Street behind for a wood-panelled room replete with bottles of top-notch plonk. In the back room, one of the walls has been repurposed after previously [...]
Footasylum share price halved after second profit warning in a year September 3, 2018 Shares in Footasylum have plummeted this morning after the company said it will make a loss in the first half of the year. The sportswear retailer said that squeezed margins and higher investment costs would weigh on earnings for the full year, while revenue is now expected to be below market expectations. Shares fell 47 [...]
German fashionistas lap up British style as Ebay sales spike September 3, 2018 German interest in British fashion has seen the country rise to second in the list of top export destinations for British sellers on e-commerce site Ebay. The US remains the number one market for British exporters on Ebay, but Germany is now in second place, according to data released today by the website. German consumers [...]
The Hut Group wards off potential buyers as it gears up for Acheson & Acheson takeover September 3, 2018 Online beauty retail company The Hut Group (THG) has rebuffed a series of takeover deals as it looks to expand its own acquisition spending spree. A number of offers valuing the firm at almost £4bn have been turned away by the fast-growing technology company, according to reports from Sky News last night. While strategic and [...]
Sports Direct boss Mike Ashley could face a shareholder revolt this week at its annual general meeting September 2, 2018 Sports Direct boss Mike Ashley could face a shareholder uprising at the retail giant’s annual general meeting (AGM) on Wednesday. Influential shareholder advisory groups ISS and Glass Lewis have both urged investors to vote against Mike Ashley’s re-appointment as chief executive and have also come out against chairman Keith Hellawell. Ashley, who is currently struggling [...]
Gourmet Burger Kitchen latest restaurant chain to hire restructuring experts September 2, 2018 Gourmet Burger Kitchen has hired restructuring advisers as it falls prey to a slump in high street dining. The Famous Brands-owned restaurant chain, which has more than 100 sites, has recruited Deloitte in a bid to secure rent reductions and cut deals with landlords. A company voluntary arrangement (CVA), a procedure that allows companies in [...]
Tickets purchased through Viagogo rendered invalid at festival September 1, 2018 Ticket reselling platform Viagogo has hit a further hurdle after a music festival banned tickets sold through the website. The latest blow comes the day after the Competition and Markets Authority launched legal action against the site after it failed to make required changes. Read more: The competition watchdog is taking Viagogo to court Tickets purchased [...]
Mike Ashley will be absent from this year’s Sports Direct AGM August 31, 2018 Mike Ashley will not face investors at this year’s Sports Direct AGM, due to “overriding demands on his time”. Chairman Keith Hellawell will chair the meeting on 12 September as planned, but the company’s founder and chief executive will be absent, Sports Direct said in an announcement this afternoon. Mike Ashley’s acquisition of House of Fraser at the [...]