JD Sports’ merger with Footasylum edges nearer after appeal November 13, 2020 The competition watchdog’s decision to block a merger between JD Sports and Footasylum has been overturned following an appeal. The Competition Appeals Tribunal said today that the Competition and Markets Authority had acted “irrationally” when it ruled in May that the tie-up would lead to a “substantially” lessening of competition nationally. The tribunal ruled that [...]
Retail tycoon Mike Ashley ‘furious’ after being ‘frozen out’ of Debenhams sale November 1, 2020 Retail mogul Mike Ashley is reportedly “furious” about being “frozen out” of an auction for collapsed department store Debenhams. The Sunday Times reported that lawyers for the tycoon have spent the last week complaining to Lazards and law firm Freshfields that Ashley’s Frasers Group had been given “woefully inadequate” information on the sale. Last week [...]
FTSE 100 surges after restrictions ‘not as tough’ as feared but US stocks mixed September 23, 2020 The FTSE 100 jumped as it continued to recover from Monday’s rout, while US stocks were mixed as investors weighed up the chances of fresh stimulus. London’s blue-chip index was up 1.7 per cent at 5,926 points, edging it closer to the 6,000 threshold. The FTSE 250 was up 1.05 per cent. Read more: Coronavirus: [...]
JD Sports scraps dividend as Covid-19 footfall slump hits profit September 8, 2020 JD Sports today said it would scrap its interim dividend after the sportswear brand reported a sharp fall in profit and warned of the continued impact of lower footfall. The figures JD Sports posted revenue of £2.5bn in the 26 weeks to 1 August, down 6.5 per cent on the same period last year. Pre-tax [...]
Commercial rent collection ‘exceeds expectations’ in June July 22, 2020 The amount of commercial rent collected in June “exceeded expectations” in the wake of the coronavirus crisis, the latest data showed. Real estate services company Cushman & Wakefield said it collected 69.1 per cent of rent in June on behalf of its clients, compared to 69.5 per cent collected in March just after the UK [...]
High street footfall suffers even as retail starts to reopen July 13, 2020 The woes of the British high street continued as June footfall dropped to less than half the level of last year, even as stores started to reopen. June saw an annual decline of 56.6 per cent in June, according to data from retail intelligence firm Springboard, but it was a marked improvement on the year-on-year [...]
Workers forced to pay extra tax for coronavirus tests July 7, 2020 Workers will be forced to pay income tax on coronavirus tests if their employers order them, it has been revealed. Newly released documents from the Treasury show that employees will face a “taxable benefit in kind” when their employers order the tests, meaning they are treated as extra workplace benefits. As workplaces will have to [...]
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. [...]
Retailers pay less than 15 per cent of rent for June quarter as property crisis deepens June 25, 2020 Britain’s retailers paid just 13.8 per cent of their rent for the last quarter, in a sign of how hard the coronavirus pandemic has hit the sector. Rent receipts on 24 June, the day commercial tenants’ payments were due for the quarter, were even lower than those three months ago, according to commercial property management [...]
JD Sports buys back Go Outdoors from administrators in £56.5m pre-pack deal June 23, 2020 JD Sports has bought back its struggling outdoor clothing chain Go Outdoors from administrators for £56.5m. The move, which is designed to “preserve as many jobs as possible”, comes with a major restructuring plan aimed at retaining the “majority” of stores, JD Sports said. Big Four accountancy giant Deloitte had been appointed by JD Sports [...]