Fashion retailer Select launches fresh attempt to rescue business May 28, 2019 Administrators at Select have launched proposals for a controversial insolvency process as the troubled women’s fashion group battles to stay in business. Creditors are set to decide whether or not to trigger a Company Voluntary Arrangement (CVA) on 11 June, with administrators warning that a vote against a CVA would mean the company could stop [...]
Sir Philip Green to close Miss Selfridge’s flagship Oxford Street store amid Arcadia restructuring May 27, 2019 The troubles for Sir Philip Green’s beleaguered retail empire Arcadia showed no sign of abating this evening as it emerged the mogul is to close the flagship central London branch of Miss Selfridge this summer. Arcadia hopes its creditors will next week approve a company voluntary arrangement (CVA), an insolvency procedure which enables the closure [...]
Sir Philip Green to close 25 more stores than initially planned May 25, 2019 Sir Philip Green's Arcadia is set to close 25 more stores than the initial 23 it announced earlier this week. The Topshop and Dorothy Perkins owner revealed 23 stores would shut down earlier this week as part of plans to save the company. Read more: Sir Philip Green told to put his own cash into Arcadia [...]
DEBATE: Should the government nationalise British Steel in a bid to save it? May 24, 2019 Should the government nationalise British Steel in a bid to save it? Faiza Shaheen, director of the Centre for Labour & Social Studies, says YES. British Steel is not just emblematic of our great industrial past, but also fundamental to our green future. Why? Because steel and related metals will be needed for new railways, wind [...]
Kleinman: Government must steel itself for share of blame May 24, 2019 Few economic symbols speak more powerfully to a nation’s sense of self-worth than the decline of its heavy industries: just look at the justifiable angst surrounding the collapse into insolvency this week of British Steel. The crisis engulfing a company on which close to 25,000 people’s jobs depend would be tragic at any time; the [...]
British Steel’s collapse under former owner Greybull turns up the heat on Whitehall May 23, 2019 British Steel may have entered insolvency proceedings, but there is some way to go before it can be considered scrap metal. Next week the Official Receiver will hold meetings with MPs to discuss where the company goes from here. The hope, for the 25,000 people whose jobs British Steel supports, is that Whitehall finds a [...]
British Steel falls into insolvency after government bailout talks fail, in ‘devastating’ blow for 5,000 workers May 22, 2019 British Steel has collapsed into insolvency after the last week of attempts to lobby the government for a £75m cash injection failed. Read more: Troubled British Steel braces for insolvency in last-ditch loan talks The industrial giant – which employs 5,000 people – has been asking the government for an emergency loan designed to save [...]
British Steel collapse: Aftermath could have ‘tsunami-like’ effect on industry May 22, 2019 To understand the effect British Steel’s collapse could have on its native Scunthorpe, just look at a map. The steelworks is almost as big as the town itself. Britain’s industry-reliant communities such as Port Talbot, Tofaen and Stockton-on-Tees have already seen the highest rise in personal insolvencies of anywhere in the country over the last [...]
British Steel talks continue as firm promises staff will be paid for this month May 21, 2019 British Steel is still in talks with the government over a proposed cash injection designed to save it from collapse, business minister Andrew Stephenson said this afternoon. Read more: MPs face calls to save British Steel jobs as it edges closer to collapse The firm, which was today forced to assure that its employees’ salaries [...]
Government faces calls to safeguard British Steel jobs as company edges closer to administration May 21, 2019 Whitehall officials this morning faced calls to “put their money where their mouth is” by giving British Steel the funding it needs to avoid administration and safeguard tens of thousands of jobs. Read more: Troubled British Steel braces for insolvency in last-ditch loan talks Britain’s second-biggest steel maker has for the last week been lobbying [...]