Stationery chain Office Outlet falls into administration March 19, 2019 Office Outlet, the stationery retailer formerly belonging to Staples, has collapsed into administration, putting 1,000 jobs at risk. In the latest sign of industry stress on Britain's high streets, the retailer yesterday drafted in administrators from accountancy firm Deloitte, throwing the future of 1,000 jobs and 90 stores into doubt. The stationary giant approved a controversial restructuring [...]
Sainsbury’s and Asda double down on £1bn price cut pledge to salvage deal March 19, 2019 Sainsbury’s and Asda have outlined their pledge this morning to slash shop prices as a result of a planned merger, doubling down on efforts to push through a major tie-up despite being dealt a recent devastating blow by Britain's competition watchdog. The two grocery giants, who suffered a setback last month when the Competition and Markets [...]
Mulberry finance boss heads for the exit March 19, 2019 Mulberry has announced the resignation of its finance chief this morning, who is departing the luxury fashion house months after it posted widening losses and suffered a sharp drop in its share price. Neil Ritchie, who took over the post as group finance director just three years ago, will step down from his role at [...]
Online retailer Asos confident on full-year target despite sales dipping below growth forecast March 19, 2019 Asos was bullish on hitting its downgraded full-year targets today as it revealed double digit sales growth for the three months to the end of February. Read more: Asos bosses snap up cheap shares after day of horror The online retailer saw revenue rise 13 per cent year on year over the quarter, it revealed in [...]
Bloomsbury hails bestsellers as it looks set to deliver on guidance March 19, 2019 Bloomsbury today said its 2018 results will live up to expectations as bestsellers such as Mary Pipher’s Women Rowing North helped bolster the company’s top line. Read more: Bloomsbury revenues rise as books buck the UK's retail downturn The publisher's special interest division, which includes non-fiction titles, was boosted by international bestseller In the Closet of the [...]
The Gym Group gets in shape with revenue and profit boost March 19, 2019 Low cost exercise chain the Gym Group said today it boosted revenue 35 per cent last year to £123.9m as it added 30 new gyms to its portfolio. The figures Statutory profit before tax for 2018 was £10m, up from £9.2m the year previously. Its shares rose nearly seven per cent to 216p in early trading. [...]
Bonmarche shares collapse as it warns investors of £6m loss March 19, 2019 Bonmarche’s share price crashed by as much as 30 per cent this morning as it issued a fresh profit warning, telling investors to expect a full year loss of up to £6m. Read more: Christmas sales slump at Bonmarché The chain had guided to up to a £4m loss, but now expects to lose between £5m [...]
Andover fire burns revenue at Ocado March 19, 2019 Ocado’s Andover factory fire will hurt first quarter sales, the retailer warned today, adding that it will continue to impact sales in the months to come. The three-day blaze destroyed one of Ocado’s flagship robotic distribution centres and sent shares down 12 per cent in early February. Today the firm revealed revenue grew 11.2 per [...]
MPs warn consumers against using ticket reseller Viagogo March 19, 2019 Viagogo has suffered a fresh public setback this morning, with a group of politicians hitting out at the controversial ticket reseller less than a month after it was dealt a blow by Britain’s competition watchdog. In a stinging report released today by an influential parliamentary committee, MPs have warned customers against using Viagogo’s website, saying [...]
Debenhams pressure mounts amid Sports Direct comments March 18, 2019 The war of words between Debenhams and retail tycoon Mike Ashley escalated once again this morning after Sports Direct’s finance chief confirmed City speculation that it would look to buy the department store chain if it collapsed into administration. Sports Direct’s finance chief Chris Wootton, who could potentially become Sports Direct boss if Ashley takes [...]