Tapestry chief executive quits after less than a year July 21, 2020 The chief executive of Tapestry, the parent company of luxury brands Coach and Kate Spade, has stepped down after less than a year in the job. Jide Zeitlin, who was also chairman, has today resigned from the New York-based firm, citing “personal reasons”. The Wall Street Journal, citing people familiar with the matter, said Tapestry’s [...]
Royal Mail parcel deliveries surge 38 per cent in lockdown July 21, 2020 Royal Mail parcel deliveries surged 38 per cent during the coronavirus lockdown as more consumers shopped online. The postal service said that between 30 March and 28 June, it shipped 117m more parcels than this time last year as Brits shopped online after being told to stay at home. Royal Mail said today that customer [...]
Ten Entertainment announces bowling alley reopening date July 21, 2020 Ten Entertainment announced this morning that it plans to reopen its bowling alleys in England on 1 August. The firm said its 39 Tenpin bowling alleys in England, which represent 91 per cent of group turnover, were ready to open with social distancing measures in place. Furloughed staff will return to work after taking a [...]
McDonald’s to open 700 restaurants for dine-in from tomorrow July 21, 2020 McDonald’s is preparing to reopen hundreds of UK restaurants for dine-in customers for the first time since the coronavirus lockdown began in March. The fast food chain said 700 UK branches will reopen from tomorrow following successful pilots. Ramped up social distancing measures will be in place and diners will also be required to leave [...]
Lockdown drinking boosts Remy Cointreau’s outlook July 21, 2020 Premium spirits maker Remy Cointreau said on Tuesday it expected mid-year core profit to fall between 35 per cent and 40 per cent, an improvement on previous guidance, as it posted better-than-expected sales, thanks to resilient consumption in the United States and Britain. The maker of Cointreau liqueur said it had performed remarkably well in [...]
HMRC expands probe into Ladbrokes owner GVC July 21, 2020 HMRC has expanded its investigation into Ladbrokes owner GVC’s former online business in Turkey. The probe by the tax authority began in late 2019 and was initially directed at former third-party suppliers over processing of payments at the business GVC disposed of in December 2017. GVC’s chief executive Kenny Alexander stepped down last week after [...]
Walmart revives talks on sale of Asda stake July 20, 2020 Walmart has revived talks to sell a stake in Asda after pausing plans to focus on the impact of the coronavirus pandemic. The US giant, which is the largest retailer in the world, said it had restarted discussions with potential buyers after it was forced to temporarily abandon the move. “Walmart and Asda have restarted [...]
Ebay to sell classified ads unit to Adevinta for nearly $9bn July 20, 2020 Norwegian group Adevinta has won the auction to buy US e-commerce firm Ebay’s classified-ads unit for nearly $9bn, a source familiar with the matter told Reuters today. Ebay intends to keep a minority stake in the business following the close of the deal, the source said. Activist investors Elliott Management and Starboard Value had been pushing Ebay to sell [...]
Retail footfall growth slows after Super Saturday rush July 20, 2020 Retail footfall growth slowed last week following the initial rush to high streets when pubs and restaurants reopened. Footfall across all UK retail destinations rose by 4.5 per cent last week from the week before, less than half the rise of the 10.6 per cent jump recorded the previous week. The number of high street [...]
Marks & Spencer cuts 950 jobs as pandemic accelerates transformation plan July 20, 2020 Marks & Spencer (M&S) announced this morning that it will cut 950 jobs as it accelerates its transformation plan during the coronavirus pandemic. The retailer announced today that it will create a new retail management structure, which will affect 950 roles across central support functions and property and store management, in the latest blow for [...]