House of Fraser partner threatens legal action over store’s debt against administrators EY October 8, 2018 A House of Fraser concession partner is considering legal action against the company’s administrator EY, claiming its classification of his business will cost him hundreds of thousands of pounds. Ehab Shouly, who runs three tea rooms in House of Fraser stores, says he is owed over £300,000 from the company – the equivalent of two [...]
Former House of Fraser directors dismissed amid calls for an investigation October 1, 2018 The former directors and senior management of House of Fraser have been dismissed following the department store's collapse. Sports Direct, which bought the beleaguered high street chain for £90m in August, announced that it has sacked the former top team amid calls for an investigation into the company's spiral into administration. Read more: Mike Ashley blames landlords [...]
Selfridges posts record operating profit as investment programme pays off October 1, 2018 A major revamp has helped Selfridges increase sales by 11.5 per cent year-on-year, as operating profits rose to a record £181m for its latest financial year. The department store is now in the final 12 months of its four-year £300m investment programme, transforming its London store and increasing its digital capabilities. Read more: Analysts warn of Debenhams [...]
Online-only retailers outpace their bricks and mortar rivals as fresh evidence of high street troubles emerge September 26, 2018 Online-only retailers’ sales have grown 24 times faster than those of bricks and mortar firms in the last five years, according to new data which underlines the current woes facing high street shops. A report out today from data specialist GBG Loqate shows that pure-play online retailers have grown their sales by 281 per [...]
We are veering towards a Brexit brain drain – it’s time for brands to shake things up September 26, 2018 There is a lack of innovation among British businesses; this was a problem highlighted in our latest research. It’s also a problem which threatens the future of UK businesses outside of the EU bloc, potentially hindering our ability to attract and retain talent. Fast-growing economies such as China, Indonesia, India, the US, and Germany [...]
Versace set to walk the runway with rumoured sale ‘within hours’ September 24, 2018 Shares in fashion brand Michael Kors are down more than eight per cent on rumours that it is in talks to buy Versace. Fashion kingpin Versace is rumoured to be “within hours” of being sold, according to Italian news reports which emerged early this morning. Newspaper Corriere della Sera, which has cited unnamed sources, [...]
Mike Ashley hits out at landlords as three House of Fraser stores set to close September 23, 2018 House of Fraser boss Mike Ashley has hit out at "greedy" landlords as he announced the closure of three department stores. At least 15 stores that were previously earmarked for closure have been saved, House of Fraser announced, however branches in Edinburgh, Hull and Swindon face being shut down. Sports Direct owner Ashley, who [...]
Sports Direct denies reports Mike Ashley may block sale of Debenhams’ Danish arm Magasin du Nord September 16, 2018 Sports Direct have this evening denied reports its boss Mike Ashley is attempting to block a sale of Debenhams' Danish business Magasin du Nord. Reports suggested Ashley had threatened to halt the £200m of the business by Debenhams, in which he already has a 30 per cent stake, in the hopes of forcing the business into [...]
House of Fraser to ‘axe brands’ in Sports Direct strategy rethink September 14, 2018 A number of House of Fraser brands are to be axed as part of a strategy rethink by new owners Sports Direct, it has been reported. Sources told fashion publication Drapers that brands such as Linea, Biba, Issa, Label Lab and Criminal Denim will removed, in line with Mike Ashley's strategy of turning the troubled department store into [...]
Mike Ashley accuses Sports Direct shareholders of ‘stabbing him in the back’ September 14, 2018 Mike Ashley has accused Sports Direct shareholders of stabbing him in the back after the resignation of long-serving chair Keith Hellawell. In a strongly-worded statement, the founder and chief executive officer of the sports retailing giant today criticised shareholders for turning last week's annual general meeting (AGM) into a “media circus”. He said that shareholders had ceded [...]