High street stalwart Boots mulls more than 200 possible store closures May 28, 2019 Boots, Britain’s largest chain of chemists, looks set to become the latest victim of high street turmoil as its US owner eyes several hundred store closures. Walgreens Boots Alliance (WBA), the pharmacy retailer's US parent, is reportedly looking at bringing down the shutters on more than 200 Boots outlets across the UK over the next [...]
Vegan burger startup Beyond Meat hits triple its IPO price as it eyes up European expansion May 28, 2019 Vegan burger startup Beyond Meat’s share price jumped today as it said it's mulling a move to cater directly to European customers with a new production site opening in the Netherlands. However, concerns that this expansion might be too much too soon have left investors divided. Read more: DEBATE: At $1.5bn, is plant burger firm Beyond Meat [...]
Gordon Ramsay’s restaurant empire returns to profit despite tough market conditions May 28, 2019 Celebrity chef Gordon Ramsay’s restaurant empire has returned to profit despite challenging conditions in the casual dining sector. Ramsay’s company made a pre-tax profit of £500,000 in the year to August 2018 after reporting a £3.8m loss in 2017 due to legal costs and the closure of its Plane Food branch at Heathrow, which lasted [...]
Fashion retailer Select launches fresh attempt to rescue business May 28, 2019 Administrators at Select have launched proposals for a controversial insolvency process as the troubled women’s fashion group battles to stay in business. Creditors are set to decide whether or not to trigger a Company Voluntary Arrangement (CVA) on 11 June, with administrators warning that a vote against a CVA would mean the company could stop [...]
Sports Direct HQ sold to Malaysian pension fund for £120m May 28, 2019 Mike Ashley’s Sports Direct has confirmed the freehold sale of its headquarters to a Malaysian pension fund. The sportswear retailer, which will continue to occupy the building on a 15-year lease, said this morning that it has sold its logistics centre to Kwasa Logix Sportivo for more than £120m in cash. Read more: Debenhams versus [...]
Goals Soccer Centres warns of weaker results amid accountancy blunder May 28, 2019 Five-a-side football venue operator Goals has warned that its 2018 and 2019 performances will likely be significantly weaker than previously expected in the wake of a major accountancy error. The embattled firm, which has been suspending its shares since March, said this morning it is forecasting both its 2018 and 2019 financial results to be "materially below expectations and [...]
Sir Philip Green to close Miss Selfridge’s flagship Oxford Street store amid Arcadia restructuring May 27, 2019 The troubles for Sir Philip Green’s beleaguered retail empire Arcadia showed no sign of abating this evening as it emerged the mogul is to close the flagship central London branch of Miss Selfridge this summer. Arcadia hopes its creditors will next week approve a company voluntary arrangement (CVA), an insolvency procedure which enables the closure [...]
Top UK restaurants fall to £82m loss as casual dining sector feels the heat May 27, 2019 The UK’s top restaurant chains fell to a loss of £82m in the last year as they struggle to stay afloat in the increasingly competitive casual dining sector. The top 100 restaurant groups fell to the hefty loss in the year to the end of March, compared to a pre-tax profit of £102m the previous [...]
Walmart faces challenge over executive pay and harassment policy May 27, 2019 Asda owner Walmart is facing pressure to make changes to its executive pay and sexual harassment policy as two proxy advisers recommended shareholders vote against the company at its annual meeting next week. Glass Lewis has recommended that shareholders vote against the retail giant’s executive pay proposals, saying “overall, the company paid more than its [...]
Sir Philip Green to close 25 more stores than initially planned May 25, 2019 Sir Philip Green's Arcadia is set to close 25 more stores than the initial 23 it announced earlier this week. The Topshop and Dorothy Perkins owner revealed 23 stores would shut down earlier this week as part of plans to save the company. Read more: Sir Philip Green told to put his own cash into Arcadia [...]