Primark set to reject Treasury’s furlough bonus payment July 12, 2020 Primark will reportedly reject a £30m bonus handout unveiled in the Chancellor’s summer statement. The retailer has said it will not claim the £1,000 payment for every worker it brings back from furlough, according to the Sunday Times. Last night gambling firm William Hill also reportedly indicated it would also reject the furlough bonuses worth [...]
Standard Life Aberdeen offloads Boohoo stock over Leicester factory scandal July 10, 2020 Investment giant Standard Life Aberdeen has dumped its entire stake in fast fashion firm Boohoo after the retailer was caught up in a scandal over low pay and poor conditions for factory workers. Boohoo launched an independent review of its UK supply chain following allegations of poor working practices and underpayment of workers at a [...]
Muji files for bankruptcy in the US July 10, 2020 The US arm of Japanese lifestyle brand Muji has filed for bankruptcy, joining a host of retail casualties amid the coronavirus pandemic. Muji owner Ryohin Keikaku said it had filed for Chapter 11 bankruptcy protection today, aiming to close unprofitable stores and renegotiate rents across the US. All of Muji’s 18 US stores have remained [...]
More than 5,000 retail jobs at risk as pandemic forces John Lewis and Boots to restructure July 9, 2020 More than 5,000 high street jobs could be lost as two UK retail giants announced store closures today after the coronavirus pandemic forced John Lewis and Boots to urgently restructure their businesses. John Lewis has decided not to reopen eight stores after the coronavirus lockdown, saying the sites were struggling before the pandemic. The proposed [...]
Boots to slash 4,000 jobs and shut 48 Opticians stores July 9, 2020 British pharmacy chain Boots has announced it will slash 4,000 jobs and close 48 stores as it seeks to shore up its balance sheet after months of closures during the pandemic. Boots said it was consulting on plans to restructure its head office and store teams and close 48 Boots Opticians stores. In a statement, [...]
Apple’s retail network pays just £6.2m tax on £1.4bn UK sales July 9, 2020 Apple’s UK retail arm paid just £6.2m in tax last year, despite raking in sales of almost £1.4bn as demand for its products boomed. Accounts filed today for Apple Retail, which manages its UK store network, showed revenue jumped 15 per cent in the 12 months to September 2019, despite not opening any new stores. [...]
John Lewis closes eight stores putting 1,300 jobs at risk July 9, 2020 John Lewis has announced that it will not reopen eight stores after the UK coronavirus lockdown, putting around 1,300 jobs at risk. The company said this morning that the stores, which includes the department store at Birmingham’s Bullring shopping centre, had been struggling before the pandemic. John Lewis will also close its department store in [...]
Rishi Sunak Summer Statement: All the Chancellor’s spending pledges July 8, 2020 Chancellor Rishi Sunak today announced a raft of measures in his Summer Statement in a bid to help the UK economy recover from the worst effects of coronavirus. The Treasury boss revealed massive public spending to bolster the UK economy in what people are calling his mini-Budget. While he did not extend the government’s furlough [...]
River Island to axe 250 head office roles July 7, 2020 River Island is reportedly preparing to slash 250 head office roles as the retailer seeks to cut costs after sales plummeted due to the coronavirus pandemic. The high street brand is the latest retailer to make job cuts after stores were forced to close across the UK during the coronavirus lockdown. River Island will reportedly [...]
All Saints creditors approve restructuring plan July 7, 2020 High street retailer All Saints will switch to turnover-based rents after the company’s creditors gave the green light to its restructuring plan. All Saints launched a company voluntary arrangement (CVA) in June after the coronavirus pandemic forced it to close stores around the world causing sales to dive. The agreement will allow All Saints to [...]