French Connection sells Nicole Farhi as losses mount March 15, 2010 FRENCH Connection is selling its loss-making Nicole Farhi brand for up to £5m and closing most of its US stores in a bid to return to profit. The group made a loss of £24.9m in the year ended 31 January – up from £16.4m the year before. The British fashion retailer, which has already offloaded [...]
Eurozone production in surprise jump March 12, 2010 INDUSTRIAL production in the 16 countries in the eurozone increased by much more than expected in January. The 1.7 per cent growth between December and January was a record jump in the monthly data produced by Eurostat. Consumer goods like cars, furniture and appliances, rose by two per cent. The European Commission’s latest forecast suggests [...]
BA to be hit by seven days of strikes March 12, 2010 BA cabin crew will go on strike for three days from 20 March and for four days from 27 March, union official have confirmed. Unite called the walkout after talks to settle a dispute over pay and staff levels collapsed. The union said it would not strike over Easter but warned that more action could [...]
Luminar suffers clubbers put off by cold March 12, 2010 NIGHTCLUB group Luminar has seen its trading badly dented by freezing winter weather. Clubber numbers have dwindle leaving sales down 9.9 per cent in the year to 25 February. The company, which owns the Oceana, Liquid and Lava & Ignite chains, has embarked on a cost-cutting campaign and said its full-year profit was expected to [...]
Promethean set for £400m listing March 12, 2010 EDUCATION technology group Promethean World and its owners are set for a £400m listing on the London Stock Exchange. The Blackburn-based company and private equity firm Apax Partners – which owns a 25 percent stake in Promethean – sold a combined 92.9m shares at 200 pence. The shares represent 46.4 per cent of Promethean’s enlarged [...]
Liberty receives takeover approaches March 12, 2010 LIBERTY could be taken over in a deal of up to £70m after more than one potential buyer has emerged. The Regent Street department store told the stock market today that it had received approaches from potential bidders for the business. It said in a statement: “The Board of Liberty confirms that it has received [...]
SuperGroup flotation to value company at £395m March 12, 2010 FASHION retailer SuperGroup has said it will go ahead with its stock market listing and expects to receive a valuation of £395m. The company – which has the Superdry brand sported by celebrities including David Beckham – has valued its shares at £5 each The firm’s share offer comprises a private placement to institutional investors [...]
Lehman used accounting “gimmicks” before collapse March 12, 2010 LEHMAN Brothers used accounting gimmicks and had been insolvent for weeks before it filed for bankruptcy in September 2008, but there was not extensive wrongdoing, a court-appointed examiner has found. In a 2,200-page report examiner Anton Valukas, chairman of law firm Jenner & Block, reported the results of his more than year-long investigation into who [...]
HSBC admits that data theft hit up to 24,000 accounts March 11, 2010 HSBC has confirmed that a theft of data by a former employee affected up to 24,000 Swiss client accounts. The bank had previously said “less than 10 clients” were compromised after a former HSBC computer specialist stole client data from the bank which he handed over to French tax authorities. HSBC said in a statement: [...]
John Lewis to give staff £151m bonus March 11, 2010 JOHN Lewis will hand its staff a 15 per cent bonus after reporting a surge in annual profits. The retailer made a profit before the staff bonus and tax of £306.6m in the year to the end of January – up from £279.6m in the previous year. It owns 28 department stores, one John Lewis [...]
