New Look seeks turnover-based rent in second restructuring plan August 13, 2020 New Look has proposed another restructuring of its retail network, its second in three years, after coronavirus significantly impacted its finances. The fashion retailer has asked landlords to agree new turnover-based leases across its portfolio, having already closed stores and negotiated rent reductions as part of a company voluntary arrangement (CVA) two years ago. “Out [...]
Markets live: Wall Street falters and FTSE 100 sinks as US jobless claims fall August 13, 2020 Wall Street faltered and the FTSE 100 finished lower today as bullish sentiment faded and traders turned their attention to US jobless data. The blue-chip index closed down 1.30 per cent to 6,198 points, reversing gains earlier in the week that saw it smash through the 6,200 mark. Rally runs out The hesitant start marks [...]
Sadiq Khan pleads with PM to save struggling West End August 13, 2020 Sadiq Khan has called on Boris Johnson to rescue London’s West End as central London businesses struggle to rebound from the coronavirus crisis. Khan wrote to the Prime Minister today, after lobby group The New West End Company predicted that there would be a £5bn drop in retail sales for the district this year. The West [...]
Watches of Switzerland shares jump on strong post-lockdown recovery August 13, 2020 Shares in luxury retailer Watches of Switzerland jumped today after it said sales in June and July were up on the previous year following a steep plunge during the coronavirus lockdown. The high-end watch-seller said sales in June were positive and performance in July was up 7.4 per cent on the previous year. Its shares [...]
Customers question value of clothes bundles in Edinburgh fashion firm’s Lost Stock charity venture August 12, 2020 Frustrated customers have hit out at Lost Stock, a coronavirus charity venture led by an Edinburgh-based fashion company, claiming it misled shoppers over the value and quality of items sold. Mallzee launched its Lost Stock initiative in June following reports that some high street stores had cancelled stock orders with clothing factories in Bangladesh, which [...]
Tesla shares spike on five-for-one stock split August 12, 2020 Tesla’s move to split its stock into smaller chunks caused its share price to jump more than eight per cent as markets opened this afternoon. Analysts said the split had the potential to extend a 200 per cent rally in Tesla’s shares this year by making it easier for retail investors to hold the stock. [...]
City calls for deeper tax relief as UK sinks into recession August 12, 2020 Business groups have called on the government to take “bold action” after the UK economy plunged into recession last quarter as GDP contracted by 20.4 per cent between April and June, the biggest single quarter decline on record. With vast swathes of the economy closed due to the coronavirus lockdowns, activity flatlined in April, before [...]
Dr Martens returns government furlough money after ‘resilient’ trading August 12, 2020 British shoe brand Dr Martens has returned money from the government’s coronavirus job retention scheme due to resilient trading during the pandemic. Dr Martens, which closed all of its stores in Europe, the Middle East, Africa and America from 16 March, said it had repaid the funds from the UK government furlough scheme. UK-based retail [...]
Asos shares jump as profit forecast raised due to online shopping boom August 12, 2020 Shares in fast fashion retailer Asos jumped this morning after it announced that full-year sales and profit are expected to beat forecasts due to an online shopping boom during the UK coronavirus lockdown. Asos said revenue growth is expected to be between 17 per cent and 19 per cent, with profit before tax of around [...]
UK retail sales grow following lockdown easing August 11, 2020 UK retail sales grew in July as the easing of lockdown restrictions released pent-up demand, but high street stores continued to struggle. On a total basis, sales increased 3.2 per cent last month, compared to a jump of 0.5 per cent in July 2019, which was the second consecutive month of growth since the coronavirus [...]