Footwear chain Office explores restructuring plans July 1, 2019 Office is exploring options for a restructuring plan that could see the footwear chain shutter a number of its UK stores. The retailer has appointed advisory firm Alvarez & Marsal to plan a potential company voluntary arrangement (CVA), Sky News reported. Read more: Landlords pick a fight with the CVA Sources told the broadcaster that [...]
Creditors prepare to vote on Monsoon Accessorize rescue plan June 30, 2019 Creditors will decide the fate of Monsoon Accessorize this week as they vote on the company’s rescue plan, which includes proposals to slash rents at more than half of its leased stores. Last month the retailer launched a company voluntary arrangement (CVA), which outlined plans to cut rent at 135 of Monsoon and Accessorize’s 258 [...]
Oxford Street discounts signal a troubling start to the summer for retailers June 25, 2019 The crucial summer selling season is finally upon us, but for retailers on London’s most celebrated high street, all is not well. Big red discounts in shop windows line the parade on Oxford Street, where many of the country’s flagship fashion stores are offering major price reductions in a desperate bid to boost their sales. [...]
Pensions Regulator boss to face questions from MPs over Arcadia deal June 23, 2019 The boss of the Pensions Regulator (TPR) is set to face a grilling from an influential committee of MPs later this week over the watchdog’s deal with Sir Philip Green to help save his fashion empire from collapse. Charles Counsell, the chief executive of TPR, is to appear before politicians just weeks after Green agreed [...]
Hilco eyes up struggling retailer Bathstore June 21, 2019 Restructuring fund Hilco is set to pounce on UK retailer Bathstore as it teeters on the edge of collapse, it is reported. Hilco, which has already taken over struggling high street names like HMV and Homebase, is in the process of preparing for a take over of Bathstore, according to Sky News. Read more: Now [...]
How worried should you be about deepfakes? June 21, 2019 Mark Zuckerberg recently became the latest high-profile subject of a “deepfake” hoax. A manipulated video circulating on Instagram appears to show him boasting about having “billions of people’s stolen data” and thanking a Sheffield art installation for his success. Squint, and you could mistake the fake video produced using artificial intelligence software for the real [...]
Domino’s picks a Rennie after Wild excess June 21, 2019 A Rennie is a long-held cure for indigestion. Domino’s Pizza Group’s franchisees, who have been complaining that they have had as much as they can swallow of boss David Wild, should, then, welcome the fact that a Rennie is exactly what they’re in line to get. Having acknowledged in March that searches were underway for [...]
Philip Green’s retail empire avoids administration as rescue plan is passed June 12, 2019 SIR PHILIP Green squeezed through a controversial rescue plan this evening as his fashion empire came back from the brink of administration by winning a crunch vote. Read more: Green offers landlords cash to save Arcadia Creditors passed a series of votes that will give the embattled Topshop tycoon breathing space to embark on a [...]
Zara owner Inditex boosts sales with rapid online expansion June 12, 2019 Zara owner Inditex defied a weak retail market to boost sales at the beginning of the second quarter as its global expansion gathered pace. The world’s biggest clothing retailer bounced back from a weak start to the year, damaged by cold weather, reporting a 9.5 per cent sales jump in the period from 1 May [...]
Fast fashion: Boohoo bucks high street gloom with soaring revenue June 12, 2019 Fast fashion retailer Boohoo has again defied a gloomy retail sector, reporting 39 per cent sales growth in the last quarter. The firm’s offering, of selling cheap own-brand clothing and accessories online, has chimed with younger consumers in recent years. Boohoo’s rise comes at the same time as high street rivals such as Topshop fight [...]