H&M sales drop as second Covid-19 wave slows recovery December 15, 2020 H&M reported a sharp drop in sales in the fourth quarter as the second wave of coronavirus restrictions curbed spending. The world’s second-biggest fashion retailer said sales dropped 10 per cent, driven by a slowdown in the final quarter of the month. H&M said the recovery seen in the third quarter had continued into the [...]
Millions worth of festive food could go to waste as London enters Tier 3 December 15, 2020 Millions of pounds worth of food could go to waste as a result of the government’s decision to send London into Tier 3 at midnight tonight. In Tier 3 all bars and restaurants will be forced to close, although they are able to offer take-away and delivery services. Restaurateurs say the rug has been pulled [...]
‘I just feel like crying’ – chefs react to ‘cruel’ Tier 3 restrictions December 14, 2020 London restaurateurs and chefs reacted with frustration and despair at the “cruel” news London will enter Tier 3, a period of virtual lockdown that will see bars and restaurants closed until the new year. Unlike the first lockdown, Tier 3 allows non-essential shops to remain open, adding to criticism from the hospitality sector that it [...]
Unilever to put climate plan to shareholder vote December 14, 2020 Unilever will put its climate action transition plan to a shareholder vote, the consumer goods giant announced today, the first global firm to take such a step. The company has set a number of ambitious targets for reducing its emissions over the next two decades, including a commitment to be net zero from sourcing to [...]
Supermarkets begin stockpiling food in case of no-deal Brexit December 13, 2020 The UK’s largest supermarkets have begun stockpiling food and other products, after being warned about the potential of a no-deal Brexit by the government. Supermarkets and ministers are reportedly worried about the prospect of consumers panic buying before 1 January if the UK leaves the EU without a deal, while food producers are warning of [...]
Authentic Brands in talks over double swoop for Arcadia and Debenhams – report December 13, 2020 US retail giant Authentic Brands is planning an audacious double swoop for collapsed Arcadia and Debenhams in a deal that would transform the high street. The firm, which recently took over historic New York department store Barneys, is in talks with the administrators of the two companies this weekend. The Sunday Telegraph reported that the [...]
Mastercard loses £14bn class action ruling in UK Supreme Court for overcharging 46m Brits December 11, 2020 A £14bn class action against Mastercard for allegedly overcharging more than 46m people in Britain over a 15-year period has been given the go-ahead by the UK Supreme Court this morning. The ruling means the case will now head for a second hearing at the Competition Appeal Tribunal so a decision can be made on [...]
BRC: Businesses face £3bn ‘tariff bombshell’ on no-deal December 11, 2020 The British Retail Consortium (BRC) has warned that supermarkets and their customers face a £3.1bn ‘tariff bombshell’ if the UK leaves the EU without a trade deal. The UK’s transition period will end in three weeks and with talks at an impasse, there is growing concern the UK will be left to trade on World [...]
Mike Ashley’s Frasers Group confirms interest in Topshop-owner Arcadia December 10, 2020 Mike Ashley’s Frasers Group has confirmed it is considering a deal to buy some of Arcadia’s brands, including Topshop, after the Sir Philip Green-owned retail empire collapsed at the end of last month. Chris Wootton, Frasers’ chief financial officer, told the BBC the group “tends to look at almost everything on the high street”, as [...]
Tui boss says no to vaccine passport as travel giant posts multi-billion pound loss December 10, 2020 Tui boss says no to vaccine passport as travel giant posts multi-billion pound loss