Marks and Spencer set to be ejected from FTSE 100 for first time in 35 years September 3, 2019 Marks & Spencer is set to lose its place in the FTSE 100 list of the UK’s biggest companies tomorrow after 35 years, ending its long-held membership as one of 28 original firms. Read more: Marks and Spencer to shut seven stores for final time in restructuring The troubled retailer will drop down to the [...]
Hundreds of Diageo workers to strike over pay September 3, 2019 Hundreds of workers at Diageo plants in Scotland will strike this month after pay talks between the drinks giant and unions broke down. Unite members across the firm’s distilleries in Cameron Bridge, Shieldhall and Leven will walk out on 18, 19, 20, 26 and 27 September. Read more: Diageo invests £180m in greener African breweries [...]
Zara distances itself from Hong Kong protest controversy September 3, 2019 Spanish fashion retailer Zara came out in support of China’s sovereignty over Hong Kong as it sought to distance itself from controversy over pro-democracy protests. In a statement published on China’s social media platform Weibo the high street brand, which is owned by the world’s biggest retailer Inditex said, it had not supported strikes. Zara [...]
Everything is awesome as Lego looks to open more than 100 new stores September 3, 2019 Lego will open 105 new stores across the world this year as the company was buoyed by its association with the Marvel franchise in the first half of the year. The brick-maker is expanding rapidly across China where it expected to have 140 stores in 35 cities by the end of the year. Read more: [...]
Wagamama owner Restaurant Group swings to a loss on £115m writedown September 3, 2019 Restaurant Group plunged into the red as it recorded a loss for the first six months of 2019 following its controversial £559m takeover of pan-Asian chain Wagamama. The figures Revenue rocketed 58.2 per cent from £326.1m in the first half of 2018 to £515.9m in the first half of 2019. Restaurant Group fell to a [...]
Top 10 Just Eat shareholder to vote against £9bn merger deal with Takeaway.com September 3, 2019 Just Eat’s proposed merger with Takeaway.com was dealt a setback this morning after a top 10 shareholder revealed it plans to vote against the tie-up. US asset manager Eminence Capital, which holds a 4.4 per cent stake in Just Eat, is set to oppose the British food delivery firm’s £9bn deal with Amsterdam-based rival Takeaway.com. [...]
Tesco Bank sells 23,000-customer mortgage arm to Lloyds Banking Group for £3.8bn September 3, 2019 Tesco Bank has sold its mortgage business to Lloyds Banking Group for £3.8bn, in a move which will see its 23,000 customers switched to a new provider. The retail giant ceased all lending on its mortgages in May, as it announced it was trying to hive off its ledger book. Tesco, which said the portfolio [...]
Retailers warned to ramp up contingency plans as sales growth slumps September 3, 2019 Retailers were warned to prepare for further political and economic turbulence as like-for-like retail sales growth dipped last month in the latest blow for the UK high street. Bricks and mortar sales, not including food products, decreased by 0.5 per cent on a like-for-like basis from August last year. Read more: Retail sales get surprise [...]
Sports Direct trying to ‘drive Debenhams into administration’ September 2, 2019 Mike Ashley’s Sports Direct is backing a legal challenge against Debenhams’ restructuring plan to “drive it into administration so that it can pick up its assets on the cheap”, a court was told today. The sports retailer is backing a challenge brought by Combined Property Control Group (CPC), which represents the landlords of six Debenhams [...]
Arcadia COO steps down amid challenging times for retailer September 2, 2019 Arcadia’s chief operating officer has stepped down after more than 25 years with Sir Philip Green’s retail empire. David Shepherd, who took on the operating chief role in 2012 and was previously a director at Topman, retired at the end of last month. Read more: Arcadia denies it is preparing to dismantle brands His departure [...]