Monsoon Accessorize owner buys retailer out of administration, with 545 jobs lost June 10, 2020 Monsoon Accessorize founder Peter Simon has bought the struggling business out of administration, in a move which aims to save both brands but cuts 545 jobs in the process. As a result of the deal, 35 of the company’s stores across the UK will close, resulting in the initial job losses. Simon will try to [...]
Restaurant Group to close 125 sites as it looks to cut costs June 10, 2020 The Restaurant Group has announced plans to close 125 of its sites, as the company seeks to push down rents to weather the financial storm of the coronavirus crisis. The closure, which puts around 3,000 jobs at risk, will mainly impact its Italian-American-themed Frankie & Benny’s chain. It marks a significant cut to the size [...]
UK lockdown: Zoos and drive-in cinemas could reopen from 15 June June 10, 2020 Prime Minister Boris Johnson is today expected to outline which sectors of the UK economy will reopen after lockdown on 15 June, such as zoos and drive-in cinemas. The UK is slowly reopening its economy after it entered lockdown on 23 March, leading to the widespread closure of restaurants, pubs, gyms, cafes and most shops [...]
Retailers get ready to reopen – but shoppers may be too scared to visit June 10, 2020 Shops across the country may be preparing to finally reopen their doors next week, but fears are growing that the British public will be too anxious to actually visit them after spending months under coronavirus lockdown. Those concerns have today been laid bare in a survey of more than 1,000 consumers, which suggested many people [...]
Hovis owners set to sell bread brand for up to £150m June 9, 2020 Hovis could reportedly be sold for as much as £150m as its owners look to offload the business later this year. The brand’s biggest shareholder The Gores Group, has hired bankers to sell its controlling 51 per cent stake which it acquired six years ago, according to Sky News. The investment firm is understood to [...]
Hospitality industry asks government for financial support to overcome rent deadlock June 9, 2020 The hospitality industry has warned there will be significant job losses and business failures unless the government provides financial support to overcome the rent stand-off between landlords and tenants. Trade body UK Hospitality has said that a continued “stalemate” between landlords and tenants on the matter of unpaid rent needs to be resolved or reopening [...]
Theme parks set to open before schools June 9, 2020 Legoland, Thorpe Park, Alton Towers and Chessington World of Adventures are set to open next month, ahead of schools in England. The four theme parks, which are all owned by Merlin Entertainment, plan to open their doors to the public on 4 July after months of closure due to the coronavirus crisis. Today, the government [...]
Three more Debenhams stores to stay closed when lockdown eases next week, bringing total to 20 June 9, 2020 Debenhams will not reopen three more stores when lockdown restrictions on retailers are eased next week, in a move that will cost around 300 jobs. The news brings the tally of Debenhams outlets that will stay closed next week to 20. It comes after the retailer failed to agree terms with the landlord, embattled shopping [...]
Founders and chief executive buy back control of supermarket giant Iceland June 9, 2020 The founding family and boss of Iceland Foods have teamed up to take back full control of the supermarket’s shares, following the chain’s revenue boom amid the coronavirus pandemic. Chief executive Tarsem Dhaliwal and founder Malcolm Walker have today bought out South African investment firm Brait’s 63.1 per cent stake in Iceland for £115m, making [...]
Retailers suffer ‘another month of struggle’ in May amid coronavirus lockdown June 9, 2020 Retailers endured a second consecutive monthly drop in sales in May, as the high street continued to suffer from the effects of the coronavirus lockdown. The British Retail Consortium (BRC) said sales fell 5.9 per cent last month compared to May 2019. The monthly health check found record growth in online sales, as retailers continued [...]