JD Sports eyes EU warehouse as boss warns Brexit ‘worse than feared’ February 9, 2021 JD Sports is set to open an EU-based distribution centre to cope with increased Brexit red tape and tariffs. The decision could see up to 1,000 jobs moved to the continent amid concerns over delays in shipping goods and red tape just a month after post-Brexit trade rules came into effect. Chairman Peter Cowgill told [...]
Arcadia staff gear up for legal action against Philip Green’s retail empire February 9, 2021 Dozens of ex-Arcadia staff have vowed to take legal action against the retail consortium, after it became clear their jobs would not be saved when the Arcadia brands were sold. Arcadia fell into administration in December, becoming the biggest high street casualty of the Covid-19 pandemic. Earlier this week online fashion giant Boohoo announced it [...]
Back to basics: Three ‘Rs’ can revive the High Street February 9, 2021 The news this week that Asos has bought Topshop, Topman and Miss Selfridge from the failed Arcadia group is the latest evidence of the rapidly increasing dominance of younger online retailers over the traditional bricks-and-mortar fashion stores. The deal comes hot on the heels of Boohoo agreeing to pay £55m for the Debenhams brand last week. And [...]
Around 2,450 high street jobs lost as Boohoo buys Arcadia brands at ‘discount price’ February 8, 2021 The sale of Dorothy Perkins, Wallis and Burton to Boohoo has put 2,450 jobs at risk, as all of the Arcadia brands’ physical stores are set to close. Deloitte, which was appointed as administrator to Sir Philip Green’s collapsed retail empire, announced today that Boohoo has bought the brands’ digital assets for £25.2m. All 214 [...]
UK supermarket chiefs call for online sales tax on firms like Amazon February 8, 2021 Some of the UK’s largest retailers, including Tesco and Asda, have called for Rishi Sunak to “rebalance the tax base” between online and bricks and mortar retail in an apparent push for a new digital sales levy on firms like Amazon. In a letter to Sunak, 18 chief executives and union bosses said “online retailers [...]
Labour calls for UK tax cut extensions before 3 March Budget February 7, 2021 Labour is calling for an extension to tax cuts for some of the UK sectors worst affected by the Covid pandemic. Shadow chancellor Anneliese Dodds today urged Rishi Sunak to extend the current VAT cut, from 20 per cent to five per cent, for retail and hospitality for another six months past March or or [...]
Pandemic profiteers face tax hike on Covid winnings February 7, 2021 Companies that have cashed in a result of the coronavirus pandemic, including the likes of Amazon, will face a double tax raid under plans being draw up by the government. The government has summoned companies to discuss how an online sales tax would work, while plans are also being drawn up for a one-off “excessive profits tax,” the [...]
JD Sports raises £464m to fund future expansion plans February 4, 2021 Sportswear brand JD Sports this morning announced it had raised £464.2m which it will use to fund its expansion plans as it eyes acquisition opportunities in new markets. The retailer said that it had placed 58.4m new shares at 795 pence a share, representing about 6.0 per cent of its share capital. The successful raise [...]
SPACs: The blank cheque vehicles loved by Richard Branson, Tidjane Thiam and Wilbur Ross February 4, 2021 With backing from the likes of Richard Branson, former US commerce secretary Wilbur Ross, City grandee Martin Gilbert and even the boss of the LSE, the vehicles known as special acquisition companies (SPACs) provide a quick and easy way for private companies to go public.
Retail park footfall boosted by lockdown fatigue and ‘leisure-based’ trips February 4, 2021 Shoppers flocked to retail parks last month in bigger numbers than were recorded during the first national lockdown, as fatigue with restrictions has set in, according to the latest research. Footfall at retail parks was down 42.1 per cent in January, compared to the 68.1 per cent drop reported in April, as consumers visited for [...]