Monsoon Accessorize chief executive Paul Allen quits August 19, 2019 Monsoon Accessorize’s chief executive Paul Allen has thrown in the towel after a troubled few months at the retailer which culminated in a wide-ranging restructuring. Allen announced this afternoon he will quit the fashion retailer after six years at the firm. Read more: Creditors approve Monsoon Accessorize rescue plan Monsoon has no intention to replace [...]
Safestore joins forces with Carlyle in Dutch takeover August 19, 2019 Safestore has joined forces with private equity giant Carlyle to buy a Dutch self-storage chain while making a £6.5m Heathrow acquisition by itself. The business will take a 20 per cent stake in M3 Self Storage for around €5m (£4.6m) when the deal is completed at the end of August. The deal, which is expected [...]
Food for thought: Restaurant numbers drop as Chinese, Indian and Italian cuisines struggle August 19, 2019 Chinese, Indian and Italian cuisine might be the staple of many Saturday night takeaways, but new evidence suggests that the beloved British favourites are bearing the brunt of a slowdown in the casual dining sector. Read more: Revealed: These 10 London restaurants have the best mobile reception An average of 18 restaurants have shut per [...]
Lidl’s suppliers warned of EU tariff import costs August 18, 2019 Supermarket giant Lidl has reportedly indicated that its suppliers will have to foot the potential bill for EU import tariffs in the event of a no-deal Brexit. For goods delivered to Ireland, the German discounter has told British suppliers to be “delivery duty paid-ready” as the government’s October deadline for leaving the EU with or [...]
Retailers ramp up challenges to business rates as high street woes deepen August 18, 2019 The number of businesses challenging their rates bill has soared over the last quarter as retailers continue to feel the squeeze from tough conditions on the high street. Roughly 4,000 challenges were made in the first quarter this year, a 65 per cent increase on the previous three months, according to figures from City law [...]
Ted Baker to ditch Debenhams for Next on children’s clothing range August 16, 2019 Ted Barker is set to end its deal to sell its children’s clothing range at Debenhams’ stores in the latest blow to the department store chain. Instead, Ted Baker will team up with Next, who are going to “create and sell” Ted Baker-branded clothes, shoes and accessories for babies and children. Read more: Ted Baker [...]
Shares in Kate Spade owner Tapestry plunge on disappointing results August 15, 2019 Shares in the fashion house behind Kate Spade dropped more than 20 per cent today after it posted a surprise fall in revenue and profit for the quarter. Tapestry reported net profit of $148.9m (£122.8m) in the three months to the end of June. Net sales rose two per cent to $1.51bn, but fell short [...]
Premier Foods eyes former Reckitt finance boss as new chair August 15, 2019 The former finance boss of Reckitt Benckiser is said to be in the running to take over as chair of Mr Kipling and Angel Delight owner Premier Foods. Colin Day, who until last year was chief executive of cigarette filter manufacturer Essentra, is one of a small number of candidates for the role, Sky News [...]
Weak Asda sales drive down Walmart’s international income August 15, 2019 Slow sales at Asda and other non-US retailers owned by Walmart have driven down the corporation’s international operating income by almost 30 per cent in the second quarter. In second quarter results released today, Walmart said that overall operating income was also down 2.9 per cent, as it lowered international sales growth guidance. Revenue was [...]
Alibaba beats expectations as revenues surge August 15, 2019 Chinese online shopping giant Alibaba trumped market expectations this afternoon, providing some relief for Asian investors in a week that has seen markets rocked by the US-China trade war and fears of a global recession. The retail group posted better-than-expected quarterly results after revenues from its cloud and e-commerce operations surged, sending shares up more [...]