Embattled retailer Ted Baker appoints new finance chief May 18, 2020 Fashion retailer Ted Baker has appointed former HMV finance boss David Wolffe as its chief financial officer. Wolffe, who previously held senior roles at ITV Studios, AOL Europe and BBC Magazines, was hired as Ted Baker’s interim finance chief in January. The retailer has struggled over the past year, with a string of profit warnings [...]
Retail landlord Intu seeks debt standstill as rent payments fall in lockdown May 18, 2020 Embattled retail landlord Intu said this morning that it is seeking debt standstills from its lenders as it warned it expects to breach covenants next month due to a slump in tenant rent payments. Intu, which owns Manchester’s Trafford Centre, said the impact of unpaid rent and plummeting property valuations was likely to result in [...]
Aldi launches grocery delivery trial with Deliveroo May 18, 2020 Budget supermarket Aldi has announced that it will launch its first grocery delivery service today in partnership with Deliveroo. The retailer will trial a rapid delivery service from a store in Nottingham before extending the service to a further seven East Midlands stores next month. The German grocer said it could roll the service out [...]
Competition watchdog seeks emergency powers to tackle coronavirus profiteering May 18, 2020 The UK’s competition watchdog has told the government it needs emergency powers to crack down on firms profiteering from the coronavirus crisis. The Competition and Markets Authority (CMA) said it needs emergency time-limited legislation to tackle companies that have increased prices for high demand products such as hand sanitiser during the pandemic. CMA chief executive [...]
Visitor numbers at UK shopping destinations dive in coronavirus lockdown May 18, 2020 The number of visitors to UK shopping destinations collapsed last month during the coronavirus lockdown, according to the latest research. UK footfall plunged 84.7 per cent in April, a record decline for the retail industry, due to the mandatory coronavirus lockdown that forced shops to close and restricted the movement of consumers. Shopping centre footfall [...]
US retail sales drop at record pace amid coronavirus shutdown May 15, 2020 US retail sales plunged at the quickest pace on record for the second month in a row in April, official figures have shown, as coronavirus containment measures caused shops to close and Americans to stay in their homes. The Commerce Department said sales dropped 16.4 per cent last month compared an 8.3 per cent drop [...]
London bar group Enhanced Hospitality claims 650 jobs at risk over insurer’s refusal to pay May 15, 2020 London bar and restaurant chain Enhanced Hospitality has launched legal action against Allianz, claiming that its failure to pay out under business interruption insurance has put 650 jobs at risk. Enhanced Hospitality, which owns Camden live music venue Dingwalls and Soho private members club Blacks, has hired law firm Field Fisher to pursue a claim [...]
Royal Mail chief executive Rico Back steps down after less than two years May 15, 2020 The chief executive of Royal Mail has stepped down after less than two years in the role. Rico Back has stepped down as group chief executive with immediate effect, and will leave the company on 15 August after more than 30 years. Back, who joined the company in 1989 and was appointed as chief executive [...]
Boohoo raises £198m as fashion retailer eyes acquisitions May 15, 2020 Fast fashion retailer Boohoo has raised £198m as it seeks to take advantage of the coronavirus crisis to snap up global brands. Boohoo, which raised the funds through a share placing announced last night, said it would use the proceeds to “take advantage of numerous opportunities that are likely to emerge in the global fashion [...]
Ei Group reveals multi-million pound tenant support package amid mounting pressure May 14, 2020 Ei Group has granted a rent holiday for some of its bigger pubs amid mounting pressure for pub companies to announce more support for tenants. A cross-party group of 60 MPs wrote to Ei Group last week urging it to cancel rents for tenants during the coronavirus crisis. The letter said it was “unfair” for [...]