Ted Baker slashes losses as consumers splash cash on party and office-wear once more May 26, 2022 Ted Baker has narrowed its losses as the fashion brand edges closer to a private equity takeover. The London-listed retailer posted a loss before tax of £44.1m, an improvement of 59.1 per cent, in preliminary results for the year ended 29 January 2022. Ted Baker had suffered a £107.7m loss the year prior, after pandemic [...]
Start-up woes: Getir follows Gorillas and Zapp headcount culls with 800+ jobs slashed May 26, 2022 Getir and Zapp have been the latest rapid delivery startups to slash jobs, in a further blow for the speedy grocery category. Turkey-based Getir told workers it intends to slash its global headcount by 14 per cent, representing some 840 job losses. “With a heavy heart, we today shared with our team the saddening and [...]
Competition watchdog probes Google over distortion of digital advertising market May 26, 2022 The competition watchdog has launched a probe into whether Google has behaved illegally by limiting competition in the digital advertising tech market. The Competition and Market Authority (CMA) unveiled a second investigation into the tech giant, after scrutinising an agreement between Google and Meta. Google is a dominant player within advertising tech intermediation – referred [...]
Chipmaker Broadcom confirms blockbuster $61bn deal for software firm VMware May 26, 2022 US chipmaker Broadcom will purchase cloud firm VMware in a deal worth £48.5bn, making it one of the largest tech acquisitions of all time. Broadcom is to snap up the Palo Alto-based company in a cash-and-stock transaction valued at $61bn, it was confirmed on Thursday. The transaction is based on the closing price of Broadcom [...]
TGI Friday’s owner shares plunge after revenue sinks amid diners’ tightening purse strings May 26, 2022 TGI Friday’s owner Hostmore’s share price has plummeted almost 15 per cent after the restaurant operator posted subdued revenue versus pre pandemic levels. Hostmore, which also operates the cocktail bar brand 63rd+1st, said like-for-like revenue was six per cent lower than 2019 levels. In a trading update for the 20 weeks ended 22 May, the [...]
Tech giant AGM: Amazon shareholders reject investor-led proposals on workers’ rights May 25, 2022 Amazon shareholders voted down all investor-led proposals at the tech giant’s AGM on Wednesday afternoon. Among the 15 shareholder proposals, rejected resolutions included those critical of the company’s use of plastics and particular concealment agreements in contracts. The $1tn e-commerce giant had pushed back against all of the shareholder proposals, the highest number it has [...]
JD Sports’ chair steps down after City watchdog fine for covert car park meeting May 25, 2022 JD Sports’ executive chairman Peter Cowgill is to step down from his role with immediate effect, the sportswear brand has announced. The London-listed retailer said it had opted to accelerate a separation of the roles of chair and chief executive. Cowgill’s departure follows JD Sports and its rival Footasylum being slapped with fine worth almost [...]
DfT urges union to go back to negotiating table following “disappointing” rail strike ballot May 25, 2022 The Department for Transport (DfT) has urged the RMT union to go back to the negotiating table after a strike was announced last night following a 34-day ballot. “Strikes should always be the last resort, not the first, so it is hugely disappointing and premature that the RMT is calling for industrial action before even [...]
Glossier founder steps down as CEO from $1.8bn Gen-Z beloved beauty firm May 25, 2022 Glossier’s founder is to step down from her role as CEO of the $1.8bn beauty company. Emily Weiss said she will stay on as the company’s executive chairwoman, after founding the business in 2014. In this role, Weiss said she will focus on “supporting our brilliant leaders of creative, brand, product and retail, as they [...]
Nike joins Starbucks and McDonald’s in exiting Russia as it cuts ties with franchisee May 25, 2022 Trainers titan Nike has become the latest US household name to exit Russia, as it confirmed it had not renewed agreements with its largest franchisee there. According to the Vedomosti daily newspaper, Inventive Retail Group (IRG), which oversees Nike’s stores in Russia via the subsidiary Up And Run has confirmed Nike is no longer supplying [...]
