Ocado reveals fire-fighting robot after robot factory blaze August 8, 2019 Online supermarket Ocado has filed a patent for a fire-fighting robot as the grocer seeks to improve fire safety at its distribution hubs. The design will allow the device to work within the grid system at the firm’s robotics distribution centres and will include a spraying mechanism to put out fires. Read more: Ocado bags [...]
New Debenhams CEO has ‘clear plan’ to save department store chain August 8, 2019 Restructuring expert Stefaan Vansteenkiste said he has a “clear plan” to save Debenhams after the retailer confirmed his appointment as its new chief executive today. Vansteenkiste, a director at turnaround specialist Alvarez & Marsal, joined the embattled department store in April this year as chief restructuring officer. Read more: Debenhams chairman to step down Previously [...]
Debenhams chairman to step down as restructuring expert appointed chief exec August 7, 2019 Debenhams chairman Terry Duddy is preparing to step down next month as the beleaguered department store’s owners appoint a restructuring expert as its new chief executive. Retail veteran Duddy, who previously ran Argos and Homebase, will leave chief restructuring officer Stefaan Vansteenkiste in charge of the company, Sky News reported. Read more: Debenhams prepares to [...]
Recruitment firm Pagegroup boosts profit despite challenging market August 7, 2019 Recruitment company Pagegroup reported an increase in profit in the first half of the year despite challenging markets in the UK and China. The figures. Revenue increased 9.2 per cent to £820.5m in the first half of the year from £751.6m in 2018, the FTSE 250 firm said. Gross profit was up 9.5 per cent [...]
Jack Wills stores at risk as Sports Direct kicks off landlord negotiations August 7, 2019 Sports Direct has begun to negotiate with landlords over rent cuts at Jack Wills stores, which could see some branches marked for closure by the end of this week. Mike Ashley’s company is seeking to slash rents at poor performing branches after acquiring the retailer earlier this week. Stores will be shuttered if a new [...]
Boohoo snaps up Karen Millen and Coast brands for £18m August 6, 2019 Fast fashion company Boohoo has bought the Karen Millen and Coast brands out of administration for £18.2m, putting more than 1000 jobs at risk as store closures loom. The online retailer said it made the acquisitions after Karen Millen entered administration this afternoon. Boohoo shares were up 6.65 per cent following the announcement. Read more: [...]
Workspace giant IWG launches £100m share buyback scheme August 6, 2019 Office space provider IWG has launched a £100m share buyback and increased its dividend. The company, which operates under the Regus brand, increased its interim dividend 10.3 per cent to 2.15p per share as it announced it would repurchase £100m worth of shares by 5 August next year. Read more: Workspace giant IWG posts double [...]
July 2019 worst on record for retail sales growth August 6, 2019 Last month was the worst July on record for retail sales growth, according to new data published today in the latest blow for the struggling industry. Total sales growth was 0.3 per cent in July – compared to an increase of 1.6 per cent last year- the lowest level recorded for the month since records [...]
Mike Ashley’s Sports Direct buys Jack Wills for £12.8m August 5, 2019 Retail tycoon Mike Ashley’s Sports Direct has bought struggling high street brand Jack Wills out of administration for £12.75m. Ashley won a race against British billionaire Philip Day, who owns the Edinburgh Woollen Mill Group, to snap up the “preppy” fashion retailer. Read more: Philip Day tables bid to avoid Jack Wills administration Will Wright [...]
Fintech darling Monzo urges 500,000 users to change PINs after security bug August 5, 2019 Digital challenger bank Monzo has urged users to change their PINs after admitting a data breach allowed members of staff to access security information. The fintech said around a fifth of customers were affected by the leak, which saw some PINs stored in encrypted log files that Monzo engineers had access to. Read more: Losses [...]
