ASOS announces new interim CFO as fast fashion chain attempts to rebuild after £32m loss February 10, 2023 Online fashion giant ASOS has brought in an experienced new interim CFO with as it continues its post-pandemic overhaul to plug on-going losses. The pandemic darling announced that 75 per cent of its new 12-person decision-making team has been filled, as part of a major turnaround bid called ‘Driving Change’. Its new ‘reinforced leadership and [...]
Deliveroo cuts 350 jobs as cost of living dims British and Irish appetite for takeaways February 9, 2023 Deliveroo has been forced to slash 350 job roles across all levels as it attempts to navigate a difficult economic outlook and a decline in take away sales post pandemic. Will Shu, chief executive of the food delivery app, revealed the news to staff on Thursday – blaming high inflation, recession fears and a decision [...]
Watches of Switzerland revenues tick past £400m as buyers ‘invest in a rational indulgence’ February 9, 2023 Watches of Switzerland has seen its revenues soar in the three months ending 29 January with the group crediting a demand for luxury watches for the sales boost. The UK-based retailer, which stocks Swiss watches such as Rolex and Tag Heuer, brought in revenues of £407m in its third quarter, up 17 per cent from [...]
Simpson’s Tavern: City of London favourite challenges winding up order as it battles closure threat February 9, 2023 City chophouse Simpson’s Tavern has been successful in challenging a winding up order and will now fight the forfeiture of its historic premises. Its boss said the victory means the business has now been reinstated and is no longer wound up – allowing it to challenge the forfeiture. This comes after Simpson’s Tavern in Cornhill, [...]
Share price plunges for Ladbrokes owner Entain as MGM boss quashes takeover speculation February 9, 2023 Shares in gambling group Entain plunged this morning after the boss of potential suitor MGM quashed talks of a possible takeover. The FTSE 100 Ladbrokes owner and US resort giant MGM currently operate a US joint venture BetMGM, which has seen bumper growth and is expected to start delivering profits later this year. The bumper [...]
Taking the Mickey: Disney to slash 7,000 jobs in bid to save £4.5bn as part of ‘significant transformation’ February 9, 2023 The Walt Disney Co has said it will cut about 7,000 jobs as part of a “significant transformation” announced by CEO Bob Iger. The job cuts amount to about three per cent of the entertainment giant’s global workforce and were announced after Disney reported quarterly results that topped Wall Street’s forecasts. Mr Iger returned as [...]
Ben & Jerry’s owner Unilever: Turnover soars to £53bn driven by price increases against backdrop of inflation February 9, 2023 Unilever price hikes helped the firm deliver turnover of more than £50bn last year, as the group had a nine per cent increase underlying sales growth for 2022. The British firm – which owns brands such as Ben & Jerry’s, Dove, Hellman’s and Magnum – said that turnover also increased 14.5 per cent to €60.1bn [...]
Pub firm Fuller’s sues insurance giants Aviva and Liberty Mutual in fight over ‘business interruption’ claim February 9, 2023 Fuller’s pubs has filed a lawsuit against insurance giants Aviva and Liberty Mutual in a dispute over a “business interruption” claim. Fuller Smith & Turner confirmed to City A.M. it is suing the two insurers “in relation to a claim under our business interruption insurance” but refused to comment further. Fuller’s filed its claim against Liberty [...]
Just Stop Oil eco-activists fined £500 for gluing themselves to da Vinci’s Last Supper – and say artist would ‘AGREE’ with them February 8, 2023 Environmental protesters fined for gluing themselves to the frame of a copy of Leonardo da Vinci’s The Last Supper have said they believed the artist would have supported their actions. Five Just Stop Oil (JSO) activists were ordered to pay £486 each for criminal damage at City of London Magistrates’ Court, over a demonstration at [...]
Bid for self-preservation: eBay to slash 500 jobs as e-commerce giant eyes shift to new technologies February 8, 2023 eBay is joining the ranks of other tech companies laying off staff in a self-preservation effort during a challenging economic environment. The e-commerce giant announced it is cutting 500 jobs – about four per cent of its workforce – so that they can “continue to be successful”, in a memo written to employees on Tuesday [...]