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 [...]
Sir Philip Green told to plug Arcadia’s mammoth pensions deficit with his own cash May 24, 2019 Frank Field has weighed in on the row surrounding Sir Philip Green’s proposed restructuring of Arcadia, calling on the Topshop tycoon to guarantee his staff’s pensions with his own personal fortune. Read more: Arcadia to shut two dozen stores in radical rescue plan In a letter, the Work and Pensions Committee chair said Green should [...]
Online clothes shopping helps UK retail sales beat economists’ expectations in April May 24, 2019 Online clothes purchases and warm weather helped UK retail sales beat economists' expectations in April, official statistics showed today. Read more: Bank of England upgrades UK economy growth forecast Britons bought 5.2 per cent more goods in April than in the same month a year earlier, the Office for National Statistics (ONS) figures, released today, [...]
Mothercare’s annual loss jumps to £87m, delayed annual results reveal May 24, 2019 Mothercare’s annual loss grew to £87.3m in the last financial year it said today in a delayed set of annual results. The struggling retailer was due to report its results yesterday, but pushed back its report to today because of the “complexity” of its finances, sending shares down 5.2 per cent. Sales fell 7.9 per cent to [...]