Sports Direct’s Mike Ashley makes move for Links of London September 9, 2019 Retail magnate Mike Ashley is hoping to ramp up his high street spending spree after putting in an offer for troubled jewellery group Links of London. The Sports Direct owner is tabling a bid to snap up the retail outlet, according to Sky News, which has reported that Ashley is one of two final bidders [...]
Not in the pink anymore: Jack Wills collapse leaves creditors out of pocket September 8, 2019 Jack Wills owed over £100m to creditors including HSBC and several councils when it collapsed into administration last month. The preppy clothing brand was bought by Mike Ashley’s Sports Direct for £12.8m in August, faces leaving a slew of companies out of pocket. Read more: Jack Wills stores at risk as Sports Direct kicks off [...]
Hot weather fails to heat up high street retail sales in August September 6, 2019 Bricks and mortar retailers suffered a further blow last month as soaring temperatures failed to heat up high street sales. Like-for-like in store sales dropped 0.1 per cent in August from a base of minus 2.7 per cent in the same month last year as retailers were unable to convert rising footfall into purchases. Read [...]
British Land files legal challenge against Monsoon Accessorize CVA September 5, 2019 British Land has filed a legal challenge against Monsoon Accessorize’s recently agreed rescue plan, which will see the retailer slash rents across more than half its UK stores. The owner of Sheffield’s Meadowhall shopping centre is aiming to block the retailer’s company voluntary arrangement (CVA) following its approval in July, Sky News reported. Read more: [...]
Marks and Spencer set to be ejected from FTSE 100 for first time in 35 years September 3, 2019 Marks & Spencer is set to lose its place in the FTSE 100 list of the UK’s biggest companies tomorrow after 35 years, ending its long-held membership as one of 28 original firms. Read more: Marks and Spencer to shut seven stores for final time in restructuring The troubled retailer will drop down to the [...]
Can’t name the UK technology secretary? That’s because we don’t have one September 3, 2019 Do you know who our secretary of state for technology is? Or can you name the tech minister? No? That’s not surprising, because they don’t exist. While we all might agree that technology is a key ingredient to a successful and vibrant economy and to our advancement as a society, there is still no one [...]
Sports Direct trying to ‘drive Debenhams into administration’ September 2, 2019 Mike Ashley’s Sports Direct is backing a legal challenge against Debenhams’ restructuring plan to “drive it into administration so that it can pick up its assets on the cheap”, a court was told today. The sports retailer is backing a challenge brought by Combined Property Control Group (CPC), which represents the landlords of six Debenhams [...]
Debenhams lines up Deloitte as retailer takes on legal challenge to restructuring plan September 1, 2019 Debenhams has lined up advisers from professional services giant Deloitte as it prepares to fight a legal challenge to its restructuring plan. Deloitte is on standby in case Debenhams loses the case and fails to secure an appeal, an event that could tip the embattled department store into administration. Read more: Debenhams appoints restructuring expect [...]
FTSE edges higher as relief over deflating trade war tensions sinks in August 30, 2019 Britain’s FTSE100 stock index nudged higher this morning as a relief rally over China deflating trade war tensions entered a second day. The blue-chip index was given a further boost by a continued slide in the pound’s value, which helped to boost exporters. China’s foreign ministry said this morning that it was continuing to hold [...]
Opposition to Mike Ashley builds ahead of Sports Direct meeting August 29, 2019 A third proxy adviser has today recommended shareholders attempt to oust Mike Ashley at the upcoming Sports Direct annual meeting due to concerns about a string of controversies at the FTSE 250 retailer. Institutional Shareholder Services (ISS) has joined advisory firms Glass Lewis and Pirc to recommend that investors vote against Ashley’s re-election as a [...]