Pret a Manger to axe 2,800 jobs as sales fall to lowest level in a decade August 27, 2020 High street stalwart Pret a Manger said today that it would cut 2,800 jobs as a result of the coronavirus pandemic, which has seen sales drop to levels last seen a decade ago. The announcement comes after Pret earlier this year revealed that it would not reopen 30 of its restaurants after the lockdown ended. [...]
Tiktok ‘nears deal’ for sale of US operations after chief exec quits August 27, 2020 Short-form video app Tiktok is nearing a deal for its US operations, CNBC reported today, ahead of a potential ban in the country. The reports come just hours after chief executive Kevin Mayer quit his role at the firm, citing political pressure from the White House. According to the report, Mayer was initially going to [...]
UK economy: Retail footfall grows but job vacancies flatline August 27, 2020 The UK economy has continued its mixed recovery, with the number of Britons venturing out to the shops rising again but online job adverts staying flat for the third week in a row. Some areas remained in much worse shape than others, with 51 per cent of workers in the art and entertainment sector furloughed, [...]
The Works swings to a loss but hails strong post-lockdown trading August 27, 2020 The Works swung to a loss in the last financial year due to the impact of the coronavirus crisis, but the retailer said trading had been well ahead of expectations after stores reopened. The figures The Works posted a loss of £18m for the year ended 26 April, down from a profit of 2.3m the [...]
Car production slump continues despite signs of improvement August 27, 2020 The slump in UK car manufacturing continued in July, with just 85,000 vehicles rolling off production lines last month, over 20 per cent lower than a year ago. However, the Society of Motor Manufacturers and Traders (SMMT) said the figure showed a “marked improvement” on previous months as factories continued to reopen after lockdown. With [...]
What is the “New Normal” For Oil & Gas August 26, 2020 Aftershocks of the bitter Saudi Arabia-Russia oil–price dispute and subsequent negotiated production cuts to stabilize plummeting oil prices into July, fueled by a massive plunge in demand due to the COVID-19 pandemic, have created an unparalleled environment for M&A in the Oil and Gas industry. Our recent virtual roundtable discussion, co-moderated by Molly Smith, sales manager at [...]
Retail employment falls at sharpest rate in more than a decade August 25, 2020 Retail employment fell at the fastest rate in more than a decade in the year to August as high street firms cut jobs amid the coronavirus pandemic. Employment in the retail sector fell 45 per cent in August – the sharpest drop since February 2009 – compared to a drop of 20 per cent in [...]
Lockdown wishlists and pent-up demand boost furniture retailer DFS August 25, 2020 Months under lockdown had many Brits dreaming up furniture wishlists and room makeovers, and that's now pushing orders higher at sofa retailer DFS.
UK retail sector enjoys ‘significant’ jump in footfall as economy recovers August 24, 2020 The number of visits to UK retail destinations jumped last week as the economy’s recovery picked up steam, new data has shown, with London a particular bright spot. Footfall was up 4.1 per cent in the 16 to 22 August period compared to the previous week, data firm Springboard said today. The rise was “a [...]
Mike Ashley’s Frasers Group buys DW Sports out of administration for £37m August 24, 2020 Mike Ashley’s Frasers Group, formally known as Sports Direct, has bought the assets of DW Sports for £37m after the gym chain collapsed into administration earlier this month. Frasers said this morning that it had acquired “certain of the assets relating to DW’s gym and fitness business, including certain stock”. The deal excludes the DW [...]