Thomas Cook set to receive £450m Fosun rescue package August 28, 2019 Thomas Cook is close to agreeing a rescue deal with a major shareholder that could result in the company’s delisting. The travel operator is agreeing bailout terms with Chinese investment firm Fosun that will see it throw £450m into the ailing company for a 75 per cent equity stake. Read more: Thomas Cook shares plunge [...]
WH Smith boosted by ‘strong’ performance of travel stores August 28, 2019 WH Smith said today it is on track to meet full-year expectations, helped by a strong performance in its travel stores. Read more: Shoppers rank their least favourite UK high street stores The stationer and convenience store retailer said in a trading update that its travel business – stores at stations, airports, hospitals, and service [...]
To Infinity and beyond: Ted Baker seals deal to expand into Japan August 28, 2019 Ted Baker has inked a deal to sell its goods to Japanese department stores from October, telling investors it should offer an instant, if marginal, bump to its bottom line. Read more: Ted Baker finance boss bags new role at Mulberry The tie-up sees the retailer appoint Sojitz Infinity as its Japanese retail licence partner [...]
Ex-WH Smith boss Kate Swann appointed as Moonpig chair August 27, 2019 Former WH Smith boss Kate Swann, who transformed the stationary retailer during her ten-year stint as chief executive, is preparing to join greeting cards firm Moonpig. Swann, who stepped down as chief executive of catering firm SSP in May this year, has been appointed as chairman of the online company, which is owned by buyout [...]
Papa John’s shares sizzle after appointment of new chief August 27, 2019 Shares in Papa John’s have jumped six per cent, after the company hired the head of US restaurant chain Arby’s as its new chief executive. The world’s third largest pizza chain appointed Arby’s president Rob Lynch today, replacing Steve Ritchie just 19 months after he took the role. Read more: Sainsbury’s partners with Deliveroo on [...]
Big tobacco: Philip Morris and Altria start talks over $210bn mega-merger as Marlboro-makers seek to light up alternative products August 27, 2019 One of the world’s most hotly anticipated mega-mergers kicked off yesterday as tobacco giants Philip Morris International (PMI) and Altria said they were in talks to form a $210bn (£170bn) behemoth. The deal would reunite two companies that split up in 2008 amid regulatory pressures at the time. Read more: Juul raises $325m to fund [...]
US landlords withdraw legal challenge to Arcadia CVA August 27, 2019 Two US landlords have withdrawn their legal challenges to Sir Philip Green’s restructuring plan for his embattled retail empire Arcadia. The businessman has reached an agreement with Vornado, which owns two Topshop stores in New York, and Californian landlord Caruso. Read more: US property firm challenges Arcadia restructuring plans The retail landlords had launched an [...]
Beyond Meat share price soars as KFC trials vegan ‘chicken’ August 27, 2019 Shares in Beyond Meat soared yesterday after KFC announced it was trialing a plant-based alternative to fried chicken. The fast food giant said the new product – known as Beyond Fried Chicken – would be available today at one of its Atlanta restaurants, with customer feedback determining whether it gets a further test or national [...]
Major investor swallows £41m of Carpetright’s huge debt pile August 27, 2019 One of Carpetright’s largest shareholders has paid to take on £40.7m of the retailer’s debt, sending shares surging. Meditor European Master Fund has underwritten a loan from Natwest and Ulster Bank to the carpet company to keep its revolving credit facility active. Read more: Carpetright shares buoyed as turnaround plan remains on track Carpetright’s share [...]
Time to scrap our archaic and misguided Sunday trading laws August 27, 2019 The Sunday Trading Act 1994 came into force 25 years ago yesterday, allowing shops to open on Sundays, but restricting opening times of stores over 3,000 square feet to six consecutive hours between 10am and 6pm. This compromise followed the defeat of the Shops Bill 1986 – Margaret Thatcher’s only defeat in the House of [...]