Sir Philip Green loses his billionaire status May 12, 2019 Sir Philip Green has lost his billionaire status, rounding off a torrid 12 months for the scandal-hit fashion mogul. For the first time since 2002, Green can no longer count himself a member of the billionaires club after seeing his personal fortune halve over the course of the last year. The Topshop tycoon and his [...]
High Street fashion chain Select enters administration May 10, 2019 Fashion retailer Select has fallen into administration, placing around 1,800 jobs at risk. The company, which has 169 stores throughout the UK, has been struggling with debt and was reportedly lining up administration last month. Read more: Debenhams gets green light for CVA It will continue to trade online and in stores for the time [...]
India’s richest man Mukesh Ambani snaps up iconic toy store Hamleys May 10, 2019 Iconic toy retailer Hamleys has been sold to India’s richest man Mukesh Ambani for an undisclosed sum. Mumbai-headquartered conglomerate Reliance Industries, which is owned by Ambani, said late last night it had signed a deal to buy the chain from Chinese giant C Banner International. Read more: Billionaire Mike Ashley may bid for iconic toy [...]
Debenhams to remain under control of investors after no appropriate buyer found May 9, 2019 Debenham’s will remain under the control of its investors after no alternative buyer was found for the struggling department store. The retailer entered a pre-pack administration in April and ownership was passed into the hands of its investors, however, administrators FTI consulting launched a marketing process to sell the company. Read more: Debenhams versus Mike [...]
Debenhams versus Mike Ashley: Something has gone horribly wrong May 9, 2019 Magpies are among the world’s cleverest animals. Prone to cunning theft from other nests, they enjoy a surprising degree of protection. Foiled Debenhams suitor Mike Ashley won’t miss the irony that while his Newcastle United Football Club is nicknamed after these swooping robbers, a marauding band of debtholders have led a planned effort to steal [...]
Debenhams to close 22 stores in 2020 as lenders warn of 1,200 job losses April 26, 2019 Debenhams revealed its store closure plan this morning, with up to 22 stores expected to be shuttered in 2020. Around 1,200 jobs are at risk due to the two Company Voluntary Arrangements (CVAs), one for property and one for retail, the company said today. Read more: Debenhams owners to outline plans to shut 20 stores The [...]
Laura Ashley shares hit all-time low as fashion retailer sounds alarm April 25, 2019 Shares in fashion retailer Laura Ashley hit an all-time low today after it issued a warning over its full-year results amid difficult trading conditions. Read more: Laura Ashley issues profit warning as sales slide The struggling brand saw its share price fall over 20 per cent this morning to 2.21p. It has since rebounded somewhat [...]
City Moves for 24 April 2019 – Who’s switching jobs at Al Rayan Bank, Collibra and Air Partner? April 24, 2019 Today's City Moves includes Al Rayan Bank, Collibra and Air Partner. Al Rayan Bank Al Rayan Bank has confirmed the appointment of Amir Firdaus as chief financial officer. The role will be based at the bank’s operational headquarters in Birmingham. Amir, who has been interim chief financial officer since December 2018, has been promoted to [...]
Debenhams owners to outline plans to shut 20 stores April 23, 2019 Debenhams is poised to outline plans this week to bring forward the closure of 20 of its stores, according to Sky News. The new owners of the department store chain, which include Barclays and hedge fund Silver Point, will launch a company voluntary arrangement (CVA) in the next 48 hours that will allow it to [...]
Debenhams chief executive Sergio Bucher steps down after lenders take control April 19, 2019 Debenhams chief executive Sergio Bucher has stepped down, nine days after the embattled department store's lenders took control. The group’s non-executive chairman Terry Duddy has been appointed interim executive chairman until a permanent replacement is found, Reuters reported. Read more: Mike Ashley among Debenhams shareholders wiped out Duddy will oversee a major store closure programme, which is expected [...]