Debenhams closure: Timeline of department store chain’s collapse December 1, 2020 Department street chain Debenhams announced this morning that it is preparing to close down after failing to attract a buyer, but the former high street giant’s problems stretch back over several years. Earlier this year the struggling retailer entered administration for the second time in 12 months, even before Covid-19 forced it to close its [...]
Debenhams set to close putting 12,000 jobs at risk December 1, 2020 Beleaguered department store Debenhams is set to close down after administrators were unable to find a buyer, putting around 12,000 jobs at risk in the latest blow to the struggling UK high street. Administrators FRP Advisory announced this morning that they have commenced a wind-down of Debenhams UK, while continuing to seek offers for all [...]
JD Sports to quit Debenhams rescue talks today December 1, 2020 JD Sports is expected to pull out of rescue talks with high street department store Debenhams today. The sports retailer was the last remaining bidder for Debenhams, which is in administration, and up until last week was ready to go ahead with the deal, according to the BBC. The recent collapse of Arcadia is understood [...]
FTSE 100 remains on track for best month in 30 years November 30, 2020 The FTSE 100 reversed early losses this morning to remain well on track for one of the best months in its history in November. London’s premier index gained 0.4 per cent this morning, meaning it is is set for a monthly gain of over 13 per cent – its best in 31 years. JD Sports [...]
Philip Green’s Arcadia collapse to push Debenhams to the brink November 29, 2020 The imminent collapse of retail group Arcadia will push Debenhams to the brink of liquidation, as potential buyer JD Sports considers backing out of the deal. JD’s board was supposed to decide whether to go through with the Debenhams acquisition by the end of last week, but has had second thoughts after learning that Arcadia [...]
JD Sports in exclusive talks with Debenhams to buy department store November 24, 2020 JD Sports is in exclusive talks with Debenhams that would see the troubled department chain acquired by the sportswear business, according to reports. Debenhams fell into administration in April for the second time. The coronavirus has hit the destitute department store hard, with stores closed and thousands of jobs axed due to the virus. According [...]
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 [...]