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 [...]
Fears for jobs at Pret A Manger after ‘leaked video reveals sales downturn’ June 22, 2020 A leaked video revealing how Pret A Manger’s sales have plummeted throughout the coronavirus lockdown has prompted fears that job cuts could be on the cards at the sandwich chain. In the clip, Pret boss Pano Christou told staff in an online meeting that an announcement about the “job situation” would be made on 8 [...]
Footfall still 54 per cent down on 2019 levels after shops reopen for business June 22, 2020 The first week of trading since the coronavirus lockdown for many retailers saw footfall rise dramatically – but it remained 54 per cent down on the same week in 2019. Footfall to all retail destinations across the UK increased by 45 per cent compared to the previous week, as so-called non-essential shops were allowed to reopen [...]
JD Sports lines up administrators for Go Outdoors June 22, 2020 JD Sports has today confirmed to investors that it is weighing up administration for Go Outdoors, after speculation that an official appointment could come within days. JD Sports said this morning that it has “considered a number of strategic options for Go and that Go’s directors have lodged the notice [to appoint administrators] in court”. [...]
JD Sports-owned Go Outdoors on brink of administration, with 2,400 jobs on the line June 21, 2020 Go Outdoors is said to be teetering on the brink of collapse, after the JD Sports-owned retailer was reported to be calling in administrators. JD Sports has lined up Deloitte as administrator to the company, which employs about 2,400 people across 67 stores, according to reports. Go Outdoors, which sells bikes, tents and waterproof clothes, [...]
JD Sports appeals CMA block on £90m Footasylum buyout June 19, 2020 JD Sports is to appeal a decision by the competition regulator to block its £90m buyout of Footasylum. The Competition and Markets Authority (CMA) decided to put a halt to the deal last month, ruling that it would lead to a “substantially” lessening of competition nationally. However, JD Sports said the probe had relied on [...]
Which retailers are reopening as the coronavirus lockdown lifts? June 12, 2020 After two months of being closed during the coronavirus lockdown, Britain’s high streets are coming back to life. Across the board, retailers across the country are working out how to get their businesses going again – and what measures they need to take to keep people safe. So what shops can customers expect to open [...]
Kurt Geiger to donate first month of post-lockdown store profit to NHS June 11, 2020 Kurt Geiger will donate all of its store profit from the first month of trading after the coronavirus lockdown eases to the NHS. The shoe seller plans to open 24 of its 57 outlets across the UK on Monday. This will start with smaller stores which cater to a higher proportion of click-and-collect sales, as [...]
Competition watchdog blocks JD Sports’ £90m takeover of Footasylum May 6, 2020 The competition watchdog has provoked a furious response from JD Sports after blocking the retailer’s £90m takeover of rival Footasylum. Following an in-depth investigation, the Competition and Markets Authority (CMA) ruled the tie-up would lead to a “substantially” lessening of competition nationally. As a result, consumers would be left with fewer discounts and could receive [...]