Leon launches restructuring plan due to steep drop in sales during pandemic December 2, 2020 Healthy fast food chain Leon has launched a restructuring plan to reduce rents following a sharp drop in sales during the pandemic. The company has appointed business advisory firm Quantuma to launch a company voluntary arrangement (CVA) after its stores, which are in city centre and transport hub store locations, suffered a sharp drop in [...]
Tesco to pay back £585m in emergency support with pandemic risks ‘behind us’ December 2, 2020 Tesco this morning said that it would pay back £585m of business rates relief it received to protect it from the impact of the coronavirus pandemic. The supermarket said that paying back the emergency funding was “the right thing to do”, adding that some of the risks from the pandemic were now behind it. In [...]
Ed Miliband calls on Philip Green to plug Arcadia pensions gap December 2, 2020 Shadow Business Secretary Ed Miliband has called on Sir Philip Green to plug the pension deficit at his failed retail firm Arcadia, saying staff “shouldn’t pay the price for his greed.” Speaking to Kay Burley on Sky News this morning, the former Labour leader said that Green “owes a moral responsibility to 12,000 workers who [...]
Tis the season for retailers to rethink the Christmas chaos December 2, 2020 Today, Wednesday 2 December 2020, is likely to be like no other for retail. A month after many retailers were obliged to close at the very moment they would be expecting to enjoy their busiest time of year, and with just three weeks to go before the big day — Christmas — itself, they are [...]
Cath Kidston returns to the high street with flagship Piccadilly store December 2, 2020 Cath Kidston has this morning opened a flagship store in Piccadilly, which will be its only physical branch after the retro-inspired retailer fell into administration earlier this year. The retailer closed all of its 60 UK stores in April, resulting in the loss of 900 jobs, after its Hong Kong private equity owner Baring appointed [...]
Covid-19 brings Arcadia into administration, but Topshop’s brand has struggled for years December 2, 2020 Retail group Arcadia, owner of British high street giants Topshop and Dorothy Perkins, hired administrators this week after the coronavirus pandemic “severely impacted” sales. The retail empire, which is owned by controversial businessman Sir Philip Green, failed to secure extra funding to pay its debts despite the Black Friday sales period. While the pandemic created [...]
Landlords approve Caffe Nero rescue deal December 1, 2020 Landlords have approved Caffe Nero’s rescue deal, allowing the coffee shop chain to renegotiate rental agreements for its 800 UK stores. The company said this afternoon that more than 90 per cent of creditors, including landlords, had given the green light to the company voluntary arrangement (CVA) proposals. It will allow Caffe Nero to move [...]
Debenhams closure: What next for struggling retail landlords? December 1, 2020 Retail landlords are set to take a multimillion pound hit following the collapse of Debenhams and Arcadia’s fall into administration, and could struggle to fill the space left by closed flagship stores. Many property owners, which have already been impacted during the pandemic due to a spike in retail restructurings and renegotiated rents, will lose [...]
Lastminute.com will pay out £7m in refunds for cancelled holidays December 1, 2020 Holiday firm Lastminute.com has committed to paying out £7m in refunds to customers who had their trips cancelled due to the coronavirus pandemic. The Competition and Markets Authority (CMA) this morning revealed that over 9,000 people were currently awaiting payouts from the booking site. Lastminute.com has now agreed to pay these out as soon as [...]
Covid restrictions: PM gives London’s ‘wet pubs’ who cannot open £1000 each December 1, 2020 All London pubs that cannot open tomorrow when Covid restrictions are eased will be given £1,000. London’s pubs can only open tomorrow if they are able to offer “substantial meals” to punters, meaning that scores of venues will stay closed in the lead up to Christmas. Boris Johnson made the announcement at the start of [...]