Nike pulls ‘racist’ US flag trainers after Kaepernick backlash July 2, 2019 Sportswear giant Nike has pulled a new design of trainers featuring an early version of the US flag after a complaint from Colin Kaepernick, a former NFL player, over the symbol’s connection to racism. The Betsy Ross flag featured on the shoe, which was designed to commemorate 4 July, has been used by the American [...]
Bye bye Byers: Top Sports Direct executive leaves Mike Ashley’s firm July 2, 2019 A veteran executive at Mike Ashley’s Sports Direct is leaving the high street retailer after working at the firm for nearly three decades. One of the retail tycoon’s closest confidantes at the business, Karen Byers, is stepping down as a senior director with immediate effect. Read more: Sports Direct hits back at Goals Soccer Centres [...]
Bookies route £60m to fight problem gambling July 2, 2019 Five of the UK’s biggest bookies have committed to a tenfold increase in their contributions towards fighting gambling addiction. Bet 365, Flutter, GVC, Sky Betting and Gaming and William Hill said they signed a pledge this morning. It commits them to spend one per cent of their UK gross gambling yield promoting safer gambling. Read [...]
Office owner seeks restructure of £45m debt pile July 2, 2019 The owner of footwear store Office today confirmed it is in discussions to restructure £45m of debt at the retailer. South African outfit Truworths, which bought the UK high street giant for £250m in 2015, said it must pay a “significant portion” of the debt in a lump sum payment by December 2020. Read more: [...]
Footwear chain Office explores restructuring plans July 1, 2019 Office is exploring options for a restructuring plan that could see the footwear chain shutter a number of its UK stores. The retailer has appointed advisory firm Alvarez & Marsal to plan a potential company voluntary arrangement (CVA), Sky News reported. Read more: Landlords pick a fight with the CVA Sources told the broadcaster that [...]
Pret a Manger boss to retire as firm prepares for Eat merger July 1, 2019 Pret a Manger’s boss is to step down later this year, making way for the firm’s chief operating officer to lead the group as it prepares for a major tie-up with rival Eat. The sandwich chain’s boss Clive Schlee will retire in September after more than 15 years at the firm. Read more: Pret a [...]
Property giants suffer £2.7bn write-down after retail values plunge July 1, 2019 Britain’s biggest landlords suffered a £2.7bn write-down in the value of their investment properties in the last 12 months, as a sharp downturn in the retail sector sent shockwaves throughout the property industry. Real estate giants including Intu, British Land and Land Securities nursed significant losses in the overall value of their assets last year [...]
Creditors prepare to vote on Monsoon Accessorize rescue plan June 30, 2019 Creditors will decide the fate of Monsoon Accessorize this week as they vote on the company’s rescue plan, which includes proposals to slash rents at more than half of its leased stores. Last month the retailer launched a company voluntary arrangement (CVA), which outlined plans to cut rent at 135 of Monsoon and Accessorize’s 258 [...]
Hedge funds step up bets against retail landlord New River June 30, 2019 Hedge funds are betting against New River as concerns rise that it could be the latest retail landlord hurt by the industry’s struggles. The short position in the company has increased to 7.35 per cent compared to 5.41 per cent on 1 July last year, according to disclosed positions published by Shorttracker. Read more: New [...]
Sports Direct hits back at Goals Soccer Centres after heated AGM June 30, 2019 Mike Ashley’s Sports Direct has escalated its war of words with Goals Soccer Centres just days after coming to blows with one of the troubled firm’s directors at a tense investor showdown. The retail tycoon’s sportswear firm has launched a bombastic attack on a senior figure at the five-aside football operator today, having made a [...]