Brooks Brothers UK goes into administration as suits fall out of fashion April 9, 2021 The UK division of US business attire retailer Brooks Brothers had gone into administration, after suffering from a lack of demand for its products as people worked from home. Begbies Traynor were yesterday appointed the company’s administrators, website Bisnow first reported. “The reason for my appointment as administrator of the UK company is of course [...]
Frasers Group to take £200m Covid hit over third wave concerns April 9, 2021 Mike Ashley’s Frasers Group, which owns Sports Direct and House of Fraser, expects to take a £200m hit due to coronavirus, and warned that further restrictions on retail are “almost certain”. Frasers Group said it anticipates a non-cash impairment of more than £200m in the value of its properties and other assets. The retailer said [...]
Fashion retail sales rebound as shoppers invest in post-lockdown outfits April 9, 2021 Fashion retail sales soared last month as the sector, which has struggled during the coronavirus pandemic, was buoyed by shoppers investing in post-lockdown outfits. Total like-for-like fashion sales jumped 57.5 per cent in March – from a base of minus 25.9 per cent in the same month last year. This marks the first positive result [...]
End of lockdown: Most UK shoppers feel safe about returning to the high street on 12 April April 8, 2021 Most consumers feel safe returning to the high street, the latest research has shown ahead of non-essential retailers reopening on 12 April. According to a survey by Deloitte, 56 per cent of shoppers will feel safe about coronavirus risks when heading out to the high street next week, a 16 percentage point increase compared to [...]
GameStop to elect activist investor Cohen as chairman in e-commerce push April 8, 2021 GameStop intends to elect activist investor Ryan Cohen as chairman, putting him at the helm as the company transforms from a bricks-and-mortar store to one with an e-commerce focus. Since Chewy co-founder Cohen joined the video game retailer’s board in January, he has been pushing towards the transformation of the brick-and-mortar retailer into an e-commerce [...]
Genius Brewing, makers of healthy lager, to enter Dragons’ Den April 8, 2021 An innovative craft beer company producing a health-focused, light craft lager is set to go before the panel in tonight’s episode of Dragons’ Den. Jason Clarke and Charlie Craig, founders of Genius Brewing will take their 3% ABV, 79 calorie lager into the Den in the hopes of gaining backing for their ‘smart drinking’ company. [...]
Debenhams to reopen stores for final sale ahead of move to online April 8, 2021 Debenhams is set to reopen its stores next week to complete its final closing down sale, as the store moves online. The sale, on 12 April, forms part of the high street retailer’s final stock liquidation process and will continue until the stock is fully cleared. “This is the last chance for customers in England [...]
Asos bags record profit as pandemic continues to drive sales April 8, 2021 Asos’ profit has soared to record levels as the online fashion retailer has continued to benefit from the boom in demand for online shopping during the pandemic. The ecommerce giant reported this morning that adjusted profit before tax – not including acquisition costs – hit £112.9m in the six months ended 28 February, a £82.8m [...]
Dunelm to beat profit expectations as online sales more than treble April 8, 2021 Dunelm is expecting to beat profit forecasts for the year after digital sales more than trebled during the pandemic. The furniture and interiors retailer said this morning that profit before tax will be “modestly ahead” of the top of the range of analyst expectations. Analysts have predicted that profit will reach between £120m and £125m. [...]
Bricks and mortar retailers ramp up hiring plans ahead of reopening April 8, 2021 Bricks and mortar retailers that have managed to survive, and in some cases thrive, during the pandemic have begun ramping up hiring plans ahead of the reopening date. According to the latest research, retail vacancies have climbed to within 14 per cent of their pre-Covid levels, after falling as much as 65 per cent last year. [...]