Sir Philip Green in talks to secure £300m by Christmas November 3, 2019 Embattled retail magnate Sir Philip Green is in talks with lenders about borrowing more than £300m that he needs by Christmas to pay off a loan secured against his flagship Oxford Street Topshop store. Read more: Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy Among the possible suitors is US private equity company [...]
TK Maxx defies retail gloom as sales top £3bn October 25, 2019 Budget retailer TK Maxx topped £3bn in sales in the last year, shrugging off high street woes with a rise in profit. US group TJX US, which is the parent owner of the fashion group, has reported a 6.4 per cent rise in sales to £3.1bn in the 12 months to February 2019. Read more: [...]
French Connection: Sale talks ‘ongoing’ as losses narrow September 17, 2019 French Connection has said that sale talks are ongoing, as the embattled fashion chain posted narrowing losses and a fall in revenue this morning. Shares fell 12.37 per cent after the retailer announced it is extending a strategic review into the business amid continued discussions over the future of the struggling business, which has been [...]
Topshop bottom up as it flounders in rough retail space September 12, 2019 Topshop and Topman sprung a leak in Philip Green’s pocket last year, as its parent company said it had faced a year of stiff competition. Loss before tax at the clothes retailer grew to £505m in the financial year ending 1 September last year. It was a strong rise from 2017’s much less damaging £3.8m [...]
Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy September 6, 2019 Arcadia, Sir Philip Green’s high street empire, plunged into huge losses last year before it launched a controversial restructuring drive, new accounts have shown. The group reported an operating loss of £138m for the year ending 1 September 2018, a sharp decline on the £119m operating profit it made the previous year, according to documents [...]
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: [...]
Arcadia loses another director as interim chairman steps down September 4, 2019 Sir Philip Green’s retail empire has lost another director as interim chairman Jamie Drummond Smith stepped down. Drummond Smith quit on 30 August, the same day that chief operating officer David Shepherd retired, according to company filings. Read more: Arcadia COO steps down A former partner at Deloitte and chairman of Cattles, Drummond Smith joined [...]
Arcadia COO steps down amid challenging times for retailer September 2, 2019 Arcadia’s chief operating officer has stepped down after more than 25 years with Sir Philip Green’s retail empire. David Shepherd, who took on the operating chief role in 2012 and was previously a director at Topman, retired at the end of last month. Read more: Arcadia denies it is preparing to dismantle brands His departure [...]
Arcadia denies it is preparing to dismantle brands plans September 1, 2019 Sir Philip Green’s retail empire Arcadia has denied it is preparing to sell off its brands, which include high street retailers Topshop and Dorothy Perkins. Arcadia has reportedly started to separate its centralised functions such as human resources and IT as it prepares to dismantle the group. Read more: US landlords withdraw legal challenge to [...]
US landlords withdraw legal challenge to Arcadia CVA August 27, 2019 Two US landlords have withdrawn their legal challenges to Sir Philip Green’s restructuring plan for his embattled retail empire Arcadia. The businessman has reached an agreement with Vornado, which owns two Topshop stores in New York, and Californian landlord Caruso. Read more: US property firm challenges Arcadia restructuring plans The retail landlords had launched an [...]