Debenhams draws up contingency plans for liquidation August 16, 2020 Debenhams’ owners have begun drawing up plans for the liquidation of the department store, which could threaten thousands of jobs. The retailer is understood to have appointed Hilco Capital, which specialises in restructuring and refinancing firms, as a contingency plan. Hilco’s appointment was first reported by Sky News and was described over the weekend as [...]
Mike Ashley’s Frasers Group bids for DW Sports August 16, 2020 Mike Ashley’s Frasers Group has reportedly made a bid for DW Sports, the sports retail empire of his old rival Dave Whelan which collapsed earlier this month. DW Sports announced it had appointed BDO as its administrator at the start of August. It said it would be winding down its retail business, with its website [...]
What are the new lockdown rules as casinos and theatres prepare to reopen? August 14, 2020 Lockdown rules are set to be eased further across England on Saturday as the country continues to tentatively open back up. Prime Minister Boris Johnson was forced to postpone the latest phase of a recovery on August 1 amid concerns the rate of coronavirus infection had increased slightly. However, data from the Office for National [...]
Coronavirus: Casinos, theatres and bowling alleys welcome lockdown easing August 14, 2020 The UK’s leisure industry got a much-needed boost this morning after the government announced a further easing of lockdown measures. Theatres, music venues and casinos are among the sites that will be allowed to reopen from tomorrow as the final parts of the Covid-19 shutdown are lifted. Sports arenas, bowling alleys, skating rinks and soft [...]
River Island to cut a further 350 jobs in management restructure August 14, 2020 River Island is set to cut up to 350 more jobs in a management shake-up. It comes a month after the high street retailer unveiled plans to let go 250 head office staff as a cost-cutting measure due to the coronavirus pandemic and a significant reduction in footfall. The company is now set to target [...]
New Look seeks turnover-based rent in second restructuring plan August 13, 2020 New Look has proposed another restructuring of its retail network, its second in three years, after coronavirus significantly impacted its finances. The fashion retailer has asked landlords to agree new turnover-based leases across its portfolio, having already closed stores and negotiated rent reductions as part of a company voluntary arrangement (CVA) two years ago. “Out [...]
Gambling giant GVC sees profit sink as coronavirus shuts betting shops August 13, 2020 Gambling giant GVC saw profit fall 14 per cent in the first half of 2020 as coronavirus forced its betting shops to remain closed through much of April and May. The firm, which owns Coral and Ladbrokes, said that the reopening of its stores meant it was “well-placed” for the rest of the year. Shares [...]
Watches of Switzerland shares jump on strong post-lockdown recovery August 13, 2020 Shares in luxury retailer Watches of Switzerland jumped today after it said sales in June and July were up on the previous year following a steep plunge during the coronavirus lockdown. The high-end watch-seller said sales in June were positive and performance in July was up 7.4 per cent on the previous year. Its shares [...]
Topps Tiles share price jumps on 2020 profit forecast following robust summer sales August 13, 2020 Topps Tiles share price rose by more than 13 per cent this morning after a trading update revealed it is expecting to make a “modest” profit in 2020 after a strong start to its final quarter. The tile specialist has seen a surge in demand since stores reopened at the start of July and has [...]
Holiday firm Tui falls to €1.1bn loss as coronavirus halts travel August 13, 2020 Tour operator Tui this morning posted a €1.1bn (£1bn) loss in the third quarter as business came to a “standstill” due to the coronavirus pandemic. The near total shutdown of its operations took the world’s largest holiday firm’s loss to €2bn over the past nine months, it added. Shares in the Anglo-German firm fell nearly [...]