UK expected to enjoy final (and belated) blast of summer next week September 1, 2023 The UK could enjoy a final blast of summer next week as temperatures are forecast to soar into the high 20s. The Met Office said some of the country could experience a heatwave from Saturday onwards, with the mercury reaching 28C or higher in some areas. As Hurricane Franklin rages over the Atlantic, it is [...]
HMV owner finalising deal to save majority of Wilko stores, reports say September 1, 2023 Thousands of jobs could be saved at collapsed retailer Wilko as the owner of HMV finalises a deal to buy hundreds of stores. A bid to buy the entirety of the business fell through on Thursday, leading to the first wave of redundancies affecting support centre and warehouse staff. But administrator PwC said that discussions [...]
M&S launches legal challenge after Gove blocks Oxford Street store revamp August 31, 2023 Marks and Spencer has launched a legal challenge against the government’s decision to reject the supermarket’s plan to revamp its Marble Arch store. The high street stalwart has accused Secretary of State for Levelling Up, Housing and Communities, Michael Gove, of unfairly applying planning policy to block the redesign of its flagship store. “We [...]
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Wilko: M2 Capital set to bow out of takeover race after missing bid deadline August 31, 2023 M2 capital has missed a deadline to show it has sufficient funds to snap up Wilko, City A.M. has learned, in a sign that the frontrunner in the race to save the high street chain could be about to bow out. Administrators for Wilko, PwC, had until 09:00 today to submit documentation to prove it [...]
Mike Ashley’s Frasers carves out 9.1 per cent stake in Boohoo as share price rises August 31, 2023 Mike Ashley’s Frasers Group has raised his stake in fast fashion firm Boohoo from 7.9 per cent to 9.1 per cent. The retail powerhouse, which owns Sports Direct and Frasers, had previously carved out a smaller stake in the company earlier this summer. The company previously said the move with Boohoo could lead to collaborations [...]
Lego profits tumble as pandemic playday comes to an end August 30, 2023 The Lego Group has suffered a steep fall in profits, figures from its half year results show, as demand for the plastic bricks maker showed signs of dwindling amid a tough economic climate. Operating profit at the children’s toy brand reached DKK 6.4bn (£740m) during the first half of the year, down considerably from DKK [...]
Wilko: Union warns that job losses could be announced on Thursday August 30, 2023 Job losses at Wilko could reportedly be announced as soon as Thursday, after an offer to buy the entire 400-strong estate failed to pass “basic checks”, members from the GMB Union have warned. The union representing thousands of Wilko staff has now said that redundancy talks, which were suspended earlier this week, could be restarted. [...]
Who are the frontrunners in the race to save Wilko? August 30, 2023 Why did Wilko go bust? A cocktail of dwindling demand for physical stores and competition in the discount market appeared to tip Wilko into administration. Even when a squeeze on public finances forced shoppers back to the high street in search of cheaper goods, they seemed to favour rivals B&M and Poundland when nabbing a [...]
The Works: Discounter fails to benefit from cost of living crisis as profit slides August 30, 2023 The retailer The Works, which speciailses in knockdown prices, has failed to turn the cost of living crisis to its advantage