Arcadia collapse leaves bigger than expected £510m pension deficit February 19, 2021 The collapse of high street empire Arcadia has left a £510m pension deficit, some £200m more than previous estimates. Arcadia collapsed in December, becoming the largest casualty of the coronavirus pandemic and leaving thousands jobless. The news of a bigger-than-expected pension deficit, first reported by the Retail Gazette, paints a starker picture for individuals affected [...]
Coronavirus: London suffers ‘heaviest job losses in UK’ during pandemic February 16, 2021 London suffered the largest number of job losses of any UK region during the pandemic last year, as the capital continues to feel the weight of a “geographically unequal crisis”, according to the Institute for Fiscal Studies (IFS). The number of London employees on payrolls dropped 5.5 per cent between February and December last year, [...]
High street redundancies: Which retailers have cut jobs in the pandemic so far? February 13, 2021 Thousands of high street jobs have evaporated during the coronavirus pandemic, as retail chains have fallen under the pressure of lockdown restrictions on trading. The UK high street, which was already struggling before the pandemic, is set to look very different when shoppers return after lockdown following high profile collapses that have cost many retail [...]
Arcadia staff gear up for legal action against Philip Green’s retail empire February 9, 2021 Dozens of ex-Arcadia staff have vowed to take legal action against the retail consortium, after it became clear their jobs would not be saved when the Arcadia brands were sold. Arcadia fell into administration in December, becoming the biggest high street casualty of the Covid-19 pandemic. Earlier this week online fashion giant Boohoo announced it [...]
Back to basics: Three ‘Rs’ can revive the High Street February 9, 2021 The news this week that Asos has bought Topshop, Topman and Miss Selfridge from the failed Arcadia group is the latest evidence of the rapidly increasing dominance of younger online retailers over the traditional bricks-and-mortar fashion stores. The deal comes hot on the heels of Boohoo agreeing to pay £55m for the Debenhams brand last week. And [...]
Around 2,450 high street jobs lost as Boohoo buys Arcadia brands at ‘discount price’ February 8, 2021 The sale of Dorothy Perkins, Wallis and Burton to Boohoo has put 2,450 jobs at risk, as all of the Arcadia brands’ physical stores are set to close. Deloitte, which was appointed as administrator to Sir Philip Green’s collapsed retail empire, announced today that Boohoo has bought the brands’ digital assets for £25.2m. All 214 [...]
Pandora heads for growth this year as online sales boom February 4, 2021 Jewellery maker Pandora anticipates its first sales growth in three years this year despite many high street shops enduring a harsh pandemic sales dip. 2021 looks to be a year of growth for Pandora, the company said this morning, with thanks to a boost in online sales pushing a strong final quarter in 2020. The [...]
JD Sports raises £464m to fund future expansion plans February 4, 2021 Sportswear brand JD Sports this morning announced it had raised £464.2m which it will use to fund its expansion plans as it eyes acquisition opportunities in new markets. The retailer said that it had placed 58.4m new shares at 795 pence a share, representing about 6.0 per cent of its share capital. The successful raise [...]
SPACs: The blank cheque vehicles loved by Richard Branson, Tidjane Thiam and Wilbur Ross February 4, 2021 With backing from the likes of Richard Branson, former US commerce secretary Wilbur Ross, City grandee Martin Gilbert and even the boss of the LSE, the vehicles known as special acquisition companies (SPACs) provide a quick and easy way for private companies to go public.
Retail park footfall boosted by lockdown fatigue and ‘leisure-based’ trips February 4, 2021 Shoppers flocked to retail parks last month in bigger numbers than were recorded during the first national lockdown, as fatigue with restrictions has set in, according to the latest research. Footfall at retail parks was down 42.1 per cent in January, compared to the 68.1 per cent drop reported in April, as consumers visited for [...]