Woolies’ investor backs management September 1, 2008 Ardeshir Naghshineth, the largest shareholder in Woolworths, has backed the struggling retailer’s management team in rejecting a £50m takeover bid from Iceland founder Malcolm Walker. Iranian property investor Naghshineth, said to be worth an estimated £500m, has a 10.2 per cent stake in the firm and was yesterday reported to consider Walker’s bid as being [...]
Woolworth still cool on Walker plan August 26, 2008 Troubled retailer Woolworths yesterday played down reports that its chief executive Robert North was due to meet with Iceland entrepreneur Malcolm Walker. Reports had suggested the two sides were certain to get together for crucial takeover talks later this week. It emerged last week that Woolworths had rejected a £50m takeover approach from a consortium, [...]
Woolworths chooses DIY chief as boss August 13, 2008 Woolworths, the troubled British retailer, has appointed former head of Focus DIY Steve Johnson as its new chief executive, in an attempt to revive its fortunes. Johnson, 44, takes over from Trevor Bish-Jones, who was ousted in June, and will earn a basic salary of £550,000 a year, as well as a cash bonus of [...]
Struggling retailers can’t just blame the downturn August 11, 2008 The threat of recession is an excellent excuse for retailers to blame someone else for their poor performance. Things are certainly getting tougher out there, but retailers whose sales are falling faster than average are losing market share. Simple as that. Monthly retail sales are wildly volatile, but look at it this way – in [...]
Woolworths profits hit by retail slump July 30, 2008 Sweets-to-DVDs retailer Woolworths issued a profit warning yesterday, blaming a marked downturn in trading conditions, as it scrapped plans to sell out of DVD publisher 2 Entertain, sending its shares to a new low. The 100-year-old group, which last month agreed to part company with chief executive Trevor Bish-Jones, said it planned to rebuild its [...]