Luggage brand Antler collapses into administration May 19, 2020 Luggage brand Antler has become the latest victim of the coronavirus crisis, collapsing into administration today due to the collapse in international travel. Big four auditor KPMG has been appointed as the administrator for the brand, which is over a century old. Administrators have already made 164 of the firm’s 199 staff redundant, KPMG said [...]
Oh FCUK: French Connection scrambles to secure funding as cash reserves dwindle May 19, 2020 Embattled retailer French Connection warned this morning that it could run out of cash within months due to the coronavirus crisis if it fails to secure extra funds. French Connection, which abandoned hopes of a sale in January and instead announced a turnaround plan, said it is in talks with “a number of potential funding [...]
N Brown shares soar as retailer secures £50m coronavirus loan May 19, 2020 Shares in N Brown soared more than 10 per cent this morning as the plus-size clothing retailer said it has secured £50m through the government’s Coronavirus Large Business Interruption Loan Scheme (CLBILS). The firm, which owns Simply Be and Jacamo, also said that trading had improved over the last six weeks since the “sudden and [...]
Imperial Brands cuts dividend by one third as it anticipates coronavirus hit May 19, 2020 Imperial Brands has cut its dividend by a third as it seeks to save cash during the coronavirus pandemic. The cigarette maker reported lower-than-expected revenue for the first half of the year, and said it anticipates the impact from the coronavirus would be more pronounced in the second half of the year. The figures Reported [...]
FTSE 100 breaks 6,000 barrier as vaccine hopes and Fed pledge boost markets May 18, 2020 The FTSE 100 broke through the 6,000-point milestone in a positive start to the week’s trading today, buoyed by hopes of a vaccine and more Federal Reserve stimulus. Easing lockdowns and lower infection rates in Europe infection hotspots Italy, the UK and Spain also boosted London’s blue-chip index. The FTSE 100 closed 4.5 per cent [...]
Embattled retailer Ted Baker appoints new finance chief May 18, 2020 Fashion retailer Ted Baker has appointed former HMV finance boss David Wolffe as its chief financial officer. Wolffe, who previously held senior roles at ITV Studios, AOL Europe and BBC Magazines, was hired as Ted Baker’s interim finance chief in January. The retailer has struggled over the past year, with a string of profit warnings [...]
Visitor numbers at UK shopping destinations dive in coronavirus lockdown May 18, 2020 The number of visitors to UK shopping destinations collapsed last month during the coronavirus lockdown, according to the latest research. UK footfall plunged 84.7 per cent in April, a record decline for the retail industry, due to the mandatory coronavirus lockdown that forced shops to close and restricted the movement of consumers. Shopping centre footfall [...]
UK economy receives fresh warnings before Rishi Sunak addresses MPs May 18, 2020 Chancellor Rishi Sunak is preparing to address MPs today following new dire predictions of the impact of coronavirus on the UK economy. Sunak is set to face questions over how the UK will pay for huge public borrowing currently propping up the economy. The Treasury boss extended his job retention scheme to October last week, [...]
Shoppers begin ‘cautious’ return to stores as lockdown measures eased May 18, 2020 Footfall at the UK’s retail destinations increased by a modest 3.3 per cent in the first week since lockdown measures were lifted, as Brits began taking tentative steps out of their homes. According to retail intelligence analysts Springboard, last week’s increase was the fourth in six weeks, although it was considerably smaller than that recorded [...]
US retail sales drop at record pace amid coronavirus shutdown May 15, 2020 US retail sales plunged at the quickest pace on record for the second month in a row in April, official figures have shown, as coronavirus containment measures caused shops to close and Americans to stay in their homes. The Commerce Department said sales dropped 16.4 per cent last month compared an 8.3 per cent drop [...]