Asda’s turnaround king names heir to the throne Retail Allan Leighton was adamant. Just two months ago, Asda’s then-executive chairman insisted that his position as the sole leader of the discount grocer’s turnaround plans would not change any time soon. It had been rumoured that Asda was on the lookout for a chief executive to bolster its efforts to return to its heyday, but [...]
Poundland owner ‘not acting in best interests’ of workers, says No10 Retail Poundland owner Gordon Brothers is “not acting in the best interests” of the discount retailer’s staff and stores as it hurtles towards collapse, Downing Street has said. The Boston-based investment firm, which has faced intense criticism over its attempted sale of Poundland, must explain why it has rejected solvent offers to rescue the troubled retailer [...]
Asda hands reins to former Morrisons boss in turnaround push Retail Asda has named a former Morrisons boss as its new chief executive as the embattled grocer looks to accelerate its turnaround efforts. David Potts, who also spent four decades with Tesco, will take over the reins with immediate effect, prompting veteran boss Allan Leighton to step back into a non-executive chairman role two years after [...]
Hugo Boss outlook worsens after Mike Ashley’s Frasers takes control November 3, 2026 Hugo Boss has cut its outlook for sales and profit in the face of weakening consumer demand, just days after Mike Ashley’s Frasers Group took control of the German fashion house. The luxury retailer had been expecting its performance to take a hit from its turnaround plan but told shareholders this has been worsened by [...]
Primark sales slip ahead of ABF exit in ‘challenging’ backdrop November 3, 2026 Primark has seen its sales slip as its owner, Associated British Foods, races to shape up the fast-fashion retailer ahead of its exit from the group next year. Like-for-like sales at the retailer slipped by 2.6 per cent in the year to September, dragged down by “weak” consumer confidence and less advanced turnaround efforts in [...]
As it happened: FTSE 100 drops; oil reverses gains on hopes of end to US-Iran war November 3, 2026 Welcome back to City AM‘s FTSE 100 liveblog. London’s blue-chip index came under pressure after a mixed bag for oil trading. The price of Brent crude has crept above $106 per barrel following reports of a US attack on Iran’s Qeshm Island, a key strategic military location controlling the Strait of Hormuz. The reported strike [...]
Jenrick lends support to Poundland suitors November 3, 2026 Reform UK’s economic spokesman Robert Jenrick has revealed he is supporting potential bidders for discount retailer Poundland as he criticised the group’s “greedy” owner Gordon Brothers for pushing the business towards insolvency. Over the weekend, Jenrick suggested the government should intervene in the possible insolvency of Poundland, which would put some 12,000 jobs at risk, [...]
Can Marks & Spencer’s TikTok star help it ‘dump the frump’? November 2, 2026 Marks & Spencer will face shareholders on Wednesday, with hopes of presenting a lift from its breakout social media star, Kathryn Turner, writes Felix Armstrong. Ditch the fake blood and vampire fangs: Britain’s viral Halloween costume this year featured a white shirt, a blue sweater vest and a blonde wig. Kathryn Turner, Marks & Spencer’s [...]
As it happened: FTSE 100 reverses losses as oil drops to $105 November 2, 2026 Welcome to City AM‘s FTSE 100 liveblog. It’s a new week in the City and global markets are gearing up for a chain of big events. Chief among them is the US midterms, which could have a major impact on the ongoing conflict in the Middle East that has sent the price of oil soaring. [...]
Just one country remains in Tesco’s decades-long global retreat November 2, 2026 Tesco’s sale of its Czech and Slovak businesses is the latest step in its long retreat from a once-sprawling global presence. Felix Armstrong traces this journey Tesco’s hold on the British grocery market is unmatched. Holding a towering 27.8 per cent market share across more than 3,600 shops, the supermarket chain is a fixture on [...]