Arcadia cancels supplier orders amid coronavirus crisis March 30, 2020 Sir Philip Green’s Arcadia has cancelled all orders from its suppliers and extended its payment terms as it seeks to conserve cash during the coronavirus pandemic. Arcadia, which owns high street giants Topshop, Dorothy Perkins and Burtons, has written to its supply chain to say all orders have been cancelled and payment terms will be [...]
Primark refuses to pay rent bill amid coronavirus crisis March 25, 2020 Budget retailer Primark has today reportedly refused to pay its rent bill after closing all of its stores due to the coronavirus pandemic, as fears mount that some retailers will never reopen after the outbreak. Primark has written to landlords to tell them it would not meet its quarterly rent payment due on 110 leasehold [...]
FTSE 100 slumps despite massive Fed intervention March 23, 2020 FTSE 100 and global stocks tumbled today despite a massive intervention by the US Federal Reserve to try and stabilise coronavirus-ravaged markets. Britain’s blue-chip stock index closed nearly 3.8 per down at 4,993 points. The pan-European Stoxx 600 closed down 4.3 per cent, Germany’s Dax closed down 2.1 per cent and France’s CAC 40 ended [...]
Coronavirus: Primark to close all UK stores as pandemic hits high street March 22, 2020 Primark is set to shutter all 189 of its UK stores from tonight as the coronavirus outbreak threatens to bring the UK high street to its knees. The budget fashion retailer has already closed stores accounting for 20 per cent of its selling space globally, and is now preparing to close its entire store estate. [...]
Coronavirus: Business rates holiday granted for all retail and leisure firms March 17, 2020 Pub, restaurants and shops will be hoping that emergency measures unveiled by the chancellor this evening, including a business rates holiday for all firms, will be enough to keep the sector afloat through the coronavirus crisis. Rishi Sunak has announced that all retail and hospitality firms will be exempt from paying business rates for 12 [...]
Major UK retailers urge chancellor for immediate business rates suspension March 17, 2020 Major British retailers have called on the chancellor to go further with measures to protect the retail, hospitality and leisure sectors from the dramatic economic impact of coronavirus. Primark, Arcadia and New Look are among the firms to sign a letter this afternoon urging Rishi Sunak to immediately suspend business rates bills until normal trading [...]
Primark owner shares halted after virus sales warning March 16, 2020 Shares in Primark owner Associated British Foods (ABF) were suspended for an hour this morning after the firm warned store closures would hit sales. The retail conglomerate’s shares were halted after falling sharply, which the London Stock Exchange said was due to an erroneous trade. Shares were down roughly 12.5 per cent when trading was [...]
Japan’s Nikkei sinks after global stocks’ Covid-19 plunge February 25, 2020 Japan’s stock market plummeted overnight after a plunge in global stocks yesterday as investors reacted to a rapid spread of the Cobvid-19 strain of coronavirus outside of China. The Nikkei sank 3.3 per cent after US and European stocks suffered similar falls as Italy revealed a huge rise to 229 cases of the Covid-19 virus. [...]
Coronavirus: Primark owner ABF warns of long-term supply issues February 24, 2020 Primark’s owner today said it was considering ramping up production from suppliers outside of China in a bid to avoid a hit from the coronavirus outbreak. Associated British Foods (ABF) expects Primark will drive higher operating profit and sales for the six months to the end of February compared to the same period a year [...]
The high streets paved with gold: Flat prices are skyrocketing on these London roads February 14, 2020 The Great British High Street has a lost a bit of its lustre in recent years. Handfuls of household-name retailers have hit the rocks, thanks to customers gravitating away from big chains in favour of local independents, as well as being seduced by the ease of online shopping. But while shops are floundering, the market [...]