River Island to axe 250 head office roles July 7, 2020 River Island is reportedly preparing to slash 250 head office roles as the retailer seeks to cut costs after sales plummeted due to the coronavirus pandemic. The high street brand is the latest retailer to make job cuts after stores were forced to close across the UK during the coronavirus lockdown. River Island will reportedly [...]
All Saints creditors approve restructuring plan July 7, 2020 High street retailer All Saints will switch to turnover-based rents after the company’s creditors gave the green light to its restructuring plan. All Saints launched a company voluntary arrangement (CVA) in June after the coronavirus pandemic forced it to close stores around the world causing sales to dive. The agreement will allow All Saints to [...]
Return of hospitality fails to drive retail footfall on opening weekend July 7, 2020 The reopening of pubs and restaurants at the weekend failed to spark a surge in retail footfall, according to the latest data. As pubs and restaurants reopened in England on so-called Super Saturday, footfall at shops increased 9.2 per cent compared to the previous week. However, this was the smallest week-on-week rise for any day [...]
Boohoo shares continue to fall after Leicester factory worker exploitation claims July 7, 2020 Shares in fast fashion brand Boohoo plunged for the second day in a row following allegations that workers at the retailer’s factory in Leicester were paid illegally low wages. The e-commerce retailer’s shares plummeted more than 13 per cent this morning to 255.5p, after falling more than 18 per cent yesterday. The losses came after [...]
Premier Inn owner Whitbread sees tourist demand as hotels reopen July 7, 2020 Premier Inn owner Whitbread this morning reported good demand for bookings in traditional tourism destinations as it revealed that sales dropped 79.4 per cent in the first quarter of the year. Whitbread said it has reopened more than 270 UK hotels and is preparing to open the majority of its estate by the end of [...]
JD Sports calls for ‘rental realism’ as coronavirus impacts footfall July 7, 2020 JD Sports this morning warned landlords that it will seek “rental realism”, including greater flexibility in property leases, due to a reduction in footfall during the UK coronavirus pandemic. The retailer said it is “inevitable” that it will require more flexibility in order to maintain a large physical store estate in the UK and Ireland. [...]
Halfords reports cycling sales surge during UK coronavirus lockdown July 7, 2020 Halfords reported a jump in cycling sales during the UK coronavirus lockdown as Brits avoided public transport, however the boost was offset by a sharp drop in motoring sales, the retailer said this morning. Halfords, which was classed as an essential retailer and was allowed to remain open during the lockdown, said overall group sales [...]
Gap reports $932m quarterly loss due to coronavirus closures June 5, 2020 Gap this morning reported a quarterly loss of almost $1bn after the clothing retailer was forced to close its stores during the coronavirus pandemic. The US retail giant reported a net loss of $932m, or $2.51 per share, in the three months to 2 May, including a $484m writedown on store and operating lease assets [...]
More than 800 jobs at risk as Victoria’s Secret UK arm enters administration June 5, 2020 The UK business of lingerie retailer Victoria’s Secret has fallen into administration, putting more than 800 jobs at risk. All of Victoria’s Secret’s 25 UK stores are currently closed due to the coronavirus lockdown, with 785 employees on furlough. Deloitte, which was appointed as administrator today, said no redundancies have been made while it searches [...]
Greggs reveals plans to open 800 stores this month June 5, 2020 High street bakery chain Greggs has revealed plans to open 800 stores across the UK later this month. Chief executive Roger Whiteside announced this morning that the company is preparing to open more branches from 18 June following successful delivery, collection and walk-in trials in North East England. Greggs is in the process of selecting [...]
