Topps Tiles posts 78 per cent drop in profit on virus-led closures December 1, 2020 Topps Tiles has posted a 78 per cent slide in full-year profit and did not propose a final dividend, as coronavirus restrictions prompted the company to close stores temporarily in the third quarter. The company’s adjusted profit before tax slumped to £3.6m for the 52 weeks ended 26 September, from £16m a year earlier. The [...]
‘Vaccine passports’ will not be required for the pub, says Michael Gove December 1, 2020 So-called ‘vaccine passports’ will not be required to visit the pub, Michael Gove has said. Speaking on Sky News this morning the minister for the Cabinet Office said vaccine passports would not be required to visit the pub, and nor was he aware of any discussions taking place on such an idea. Just yesterday Nadim [...]
Topshop owner Arcadia collapses putting 13,000 jobs at risk December 1, 2020 Sir Philip Green’s retail empire Arcadia, the owner of Topshop and Dorothy Perkins, has collapsed into administration, putting more than 13,000 jobs at risk. The company, which has become the biggest retail casualty of the coronavirus crisis, announced this evening that it has appointed Deloitte as administrator. More than 13,000 jobs are at risk following [...]
JD Sports to quit Debenhams rescue talks today December 1, 2020 JD Sports is expected to pull out of rescue talks with high street department store Debenhams today. The sports retailer was the last remaining bidder for Debenhams, which is in administration, and up until last week was ready to go ahead with the deal, according to the BBC. The recent collapse of Arcadia is understood [...]
Wanted: Someone to take charge and save hospitality this Christmas December 1, 2020 The excitement is building, and it’s so close now: lockdown is about to be lifted, and at midnight tomorrow we will all slot into our allotted tiers. London will be in a freshly toughened Tier 2, with shops reopening and pubs and restaurants allowed to admit customers — but under complicated limitations. A few lucky [...]
Topshop collapse: What went wrong for Sir Philip Green’s Arcadia retail empire? November 30, 2020 Topshop was a beloved high street brand, had secured lucrative partnerships with Kate Moss and Beyonce, and boasted star-studded front rows at its London Fashion Week shows. Now, it's facing collapse.
Black Friday boosts central London shopper numbers despite lockdown November 30, 2020 Black Friday boosted retail footfall in central London last week despite the closure of all non-essential shops. Footfall rose 4.8 per cent across all UK retail destinations compared to the previous week, soaring 21.6 per cent in central London and 5.1 per cent in outer boroughs. UK high streets and retail parks benefited the most [...]
Roasted: Caffe Nero rejects Issa brothers bid in favour of CVA November 30, 2020 Roasted: Caffe Nero rejects Issa brothers bid in favour of rent deals and restructuring
Corona Impact Series: A Shoreditch paper goods supplier forced to move online November 30, 2020 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. Today: how a small stationery brand was forced to accelerate its digital transformation. “At the start of the first lockdown we had to close our five brick-and-mortar stores pretty much overnight,” sighs Sidonie [...]
Retailers allowed to open 24 hours over Christmas period, says minister November 30, 2020 Retailers will be able to operate 24 hours during the Christmas period through a relaxation of trading rules in a bid to boost spending on the UK’s High Streets. Communities secretary Robert Jenrick wrote for the Telegraph that he wanted councils to temporarily waive rules that restrict the hours shops can stay open in the [...]