Office set to close up to half its 100 UK stores August 9, 2019 Shoe retailer Office is planning to close up to half of UK stores at it reckons with the decline of business on the high street. The footwear chain is working on plans to close dozens of its 100 stores as their leases expire during the next few years, according to a report by Sky News. [...]
UK travel company On The Beach share price slumps after profit warning August 9, 2019 Shares in UK travel company On The Beach have tumbled by over 16 per cent this morning after it warned its profits this year will be lower than expected. It said the tumbling pound and Brexit uncertainty are hurting its business model. Read more: Thomas Cook: How did it end up like this? As a [...]
Betting cap and US expansion costs hurt William Hill August 9, 2019 William Hill has posted a pre-tax loss for the first half of the year, as the introduction of a regulatory cap on fixed-odds betting terminals and the cost of expanding in the US took a toll. The figures The gambling group reported a pre-tax loss of £63.5m for the first half. Net revenue was up [...]
Soaring temperatures fail to heat up July high street sales August 9, 2019 Soaring temperatures failed to lift high street sales last month but benefited online stores as consumers turned to fast fashion for their heat wave wardrobes. In-store like-for-like sales only increased 0.1 per cent in July as shoppers sheltered from the heat, upping the pressure on retailers as the third quarter continues. Read more: Restaurants eat [...]
Cineworld sets hopes on The Lion King as first half revenue drops August 8, 2019 Cineworld has posted a sharp drop in revenue for the first half, which it blamed on the unfavourable timings of major film releases. The cinema chain reported revenue of $2.2bn (£1.8bn) in the six months to the end of June, down 11 per cent on the same period last year. Read more: Cineworld maintains guidance [...]
Adidas pledges to fix supply issues after missing sales forecast August 8, 2019 Sportswear giant Adidas promised to fix supply shortages in North America it missed sales and profit expectations in the second quarter. Sales were up four per cent to €5.51bn, below average forecasts of €5.54bn and operating profit rose nine per cent to €643m but below expectations of €651m. Read more: Adidas hikes profit forecast In [...]
Restaurants eat into retailers’ high street share August 8, 2019 Retailers are being edged out of the high street following a spike in change of use requests to convert shops into restaurants. More than a third of change of use applications made to councils last year were to swap retailers for restaurant or takeaways, despite the challenges currently facing the casual dining sector. Read more: [...]
Ocado reveals fire-fighting robot after robot factory blaze August 8, 2019 Online supermarket Ocado has filed a patent for a fire-fighting robot as the grocer seeks to improve fire safety at its distribution hubs. The design will allow the device to work within the grid system at the firm’s robotics distribution centres and will include a spraying mechanism to put out fires. Read more: Ocado bags [...]
New Debenhams CEO has ‘clear plan’ to save department store chain August 8, 2019 Restructuring expert Stefaan Vansteenkiste said he has a “clear plan” to save Debenhams after the retailer confirmed his appointment as its new chief executive today. Vansteenkiste, a director at turnaround specialist Alvarez & Marsal, joined the embattled department store in April this year as chief restructuring officer. Read more: Debenhams chairman to step down Previously [...]
Debenhams chairman to step down as restructuring expert appointed chief exec August 7, 2019 Debenhams chairman Terry Duddy is preparing to step down next month as the beleaguered department store’s owners appoint a restructuring expert as its new chief executive. Retail veteran Duddy, who previously ran Argos and Homebase, will leave chief restructuring officer Stefaan Vansteenkiste in charge of the company, Sky News reported. Read more: Debenhams prepares to [...]