Ebay launches strategic review after activist investor pressure March 1, 2019 Ebay has given into pressure from activist investors Elliott Management and Starboard Value to launch a strategic review of the company. The online auction website will appoint two new board members and review the company’s Stubhub and Ebay Classifieds Group. Read more: Ebay shares spike as activist investor Elliott reveals $1.4bn stake Jesse Cohn of [...]
Gap shares surge on plans to close 230 stores as it splits off Old Navy March 1, 2019 Gap is set to split off Old Navy into its own brand, it said today as it revealed 230 planned store closures. The news sent shares soaring in the late afternoon, with their value climbing 19 per cent to $30.21. As a part of the restructuring, Gap will split into Old Navy and an as yet unnamed [...]
HMV reopens Ayr store in Scotland, becoming 10th outlet to reopen after weeks of closure March 1, 2019 The swathe of store reopenings at music retailer HMV continued on Friday morning as the firm resumed service at its outlet in Ayr, south west Scotland. Read more: The mood music is encouraging at HMV after it is saved by Sunrise https://twitter.com/hmvtweets/status/1101443048905625600 HMV Ayr is the 10th store that has reopened its doors since being [...]
LK Bennett lines up administrator with 500 jobs ‘at risk’ March 1, 2019 Fashion chain LK Bennett has filed for administration as it attempts to find a way to stay afloat. The retailer has selected EY as an administrator for the business, Sky News first reported, which will oversee its insolvency if no new investment can be found. Read more: Revolution Bars issues profit warning amid 'challenging' conditions [...]
William Hill swings to £722m loss for 2018 after regulatory changes hit bottom line March 1, 2019 William Hill fell to a staggering loss of £722m last year, it confirmed today, as the bookmaker recommitted to meeting guidance for 2019. Read more: William Hill confirms likely 2018 profit drop The figures The gambling firm swung to a loss of £721.9m in 2018, down from 2017’s profit before tax of £146.5m. Revenue rose [...]
Revolution Bars issues profit warning as chain is shaken by ‘challenging’ trading conditions March 1, 2019 Bar chain Revolution’s shares plunged 14 per cent in early morning trading as it issued a profit warning and said it was putting new venues on hold because of a “challenging” market. The company, which runs 79 bars under both the Revolution and Revolucion de Cuba brands, said it had suffered a disappointing opening period in [...]
Fedex creates Segway-inspired delivery robot with Pizza Hut and Walmart February 28, 2019 Fedex has unveiled a pizza delivery robot that will hit the streets this summer. Read more: What’s on your tech radar for 2019? Pizza Hut and Walmart are both on board, with trials set to begin soon in cities across the US, including in Fedex’s hometown of Memphis. The autonomous bot, which is powered by an [...]
Business rate appeals dip as industry warns of ‘complicated’ process February 28, 2019 Frustrations over business rates were underlined this morning, with industry experts warning that new figures show the current process for appealing against property taxes is too complicated. Government data released today shows that there were roughly 65,000 appeals to dispute business rates between 1 April 2017, when a new system was introduced, and 31 December 2018, slumping [...]
Top financial PR firm cuts ties with Sir Philip Green amid conduct allegations February 27, 2019 Sir Philip Green’s financial PR firm is set to jump ship tomorrow in the latest corporate blow to the embattled mogul, just days after Baroness Karren Brady quit as chair of his retail empire. City A.M. understands that Green’s communications consultancy Maitland/AMO is ending its relations with the scandal-hit tycoon tomorrow evening amid mounting public [...]
Sainsbury’s shares crash as Asda merger torpedoed February 27, 2019 | City Talk A strongly worded report from the regulator appears to have torpedoed this supermarket mega merger. What a difference a day makes. Until this morning, Sainsbury's (LSE:SBRY) was the best-performing supermarket stock over the past 12 months by some margin. Now, after the regulator's report on its proposed merger with Asda, it's the worst! After months [...]