Cineworld sparks legal row by pulling out of £1.6bn Cineplex takeover June 15, 2020 Cineworld has pulled out of its £1.6bn deal to become the biggest cinema chain in America, sparking bitterness and the potential of a legal battle. The London-listed company claims Cineplex, Canada’s biggest cinema chain, has suffered a “material adverse effect” under the terms of the deal, which included a ceiling of $725m (£578m) on its [...]
H&M sales halve during lockdown months as retailer hopes for June recovery June 15, 2020 Sales at H&M halved during the second quarter of the year, after the coronavirus lockdown forced it to close four-fifths of its global stores during the outbreak. The world’s second-biggest fashion retailer’s net sales for the three months to 31 May were 28.7bn crowns (£2.45bn), 50 per cent lower than the same period last year. [...]
MJ Gleeson braces for £100m revenue hit after coronavirus lockdown June 15, 2020 Housebuilder MJ Gleeson has predicted that revenue will fall by more than £100m for its upcoming full-year results, in the wake of the coronavirus lockdown. Shares in the construction group fell one per cent this morning, as it said turnover for the year to June 30 is expected to slump 42 per cent to £145m. [...]
Shorter hours and portable loos: How London’s West End is reopening shops after lockdown June 15, 2020 The West End was one of the first areas of London to suffer the economic damage wrought by coronavirus, even before lockdown. By mid-February, people were already avoiding the usually bustling restaurants of Chinatown, following false reports that the disease could be caught more easily there. Now, after months of lockdown-induced hibernation, businesses across the [...]
Retail footfall down 80 per cent in May amid coronavirus lockdown June 15, 2020 Retailers suffered a decline in footfall of more than 80 per cent in May, as the coronavirus lockdown kept consumers at home and shops shuttered across the country. Footfall plunged 81.6 per cent compared to the same period last year, according to the British Retail Consortium. This was a shallower decline than in April, however, [...]
Oxford Street braces for just 20 per cent of usual footfall when shops reopen June 13, 2020 Shops on London’s usually bustling Oxford Street are bracing themselves for as little as one-sixth of their usual footfall when they reopen on Monday. Coronavirus lockdown restrictions ease on 15 June, allowing retailers on Oxford Street, Regent Street, and others to fling open their doors for the first time since March. However, Jace Tyrrell, chief [...]
Stressed about your finances in the coronavirus pandemic? You’re not alone June 13, 2020 The coronavirus pandemic has brought about significant financial unease among UK workers, a survey has found. Two-in-five people who work for larger companies reported an increase in financial anxiety in the wake of the pandemic, according to Close Brothers research. Only 54 per cent of workers felt they were financially prepared for the crisis. Meanwhile, [...]
Aldi extends Deliveroo online grocery trial to London store June 12, 2020 Discount supermarket Aldi will extend its trial of delivering groceries to people’s homes via Deliveroo to include a store in Camden, London. Aldi, Britain’s fifth largest supermarket, launched a trial of the delivery model last month over eight outlets in the Midlands. It said the initial trial had gone well, and that it would therefore [...]
Britain ‘formally confirms’ it will not extend Brexit transition period June 12, 2020 Britain has “formally confirmed” to the EU that it will not extend the Brexit transition period beyond the end of this year. Making the announcement this morning, Cabinet Office minister Michael Gove said “the moment for extension has now passed,” following a video meeting of the EU Joint Committee. The announcement follows a call for [...]
Music retailer HMV to reopen stores across England on Monday June 12, 2020 HMV is to reopen its stores on Monday, with a series of social distancing measures coming into place. The music retailer, which also owns Fopp, said it would reopen 93 stores across England and Northern Ireland on 15 June. The remaining 15 HMV stores across Scotland and Wales will reopen when further government guidance is [...]
