Historic department store Macy’s set for $1bn first quarter loss May 21, 2020 Historic US department store Macy’s warned today that it could see first quarter losses of over $1bn (£820m) due to the coronavirus lockdowns. Retail outlets around the world have been battered by the stringent restrictions, which has seen many shops shut their doors for over a month on governmental instruction. In a release, Macy’s said [...]
Embattled retailer Ted Baker appoints new finance chief May 18, 2020 Fashion retailer Ted Baker has appointed former HMV finance boss David Wolffe as its chief financial officer. Wolffe, who previously held senior roles at ITV Studios, AOL Europe and BBC Magazines, was hired as Ted Baker’s interim finance chief in January. The retailer has struggled over the past year, with a string of profit warnings [...]
Daily coronavirus cases fall 10 per cent March 30, 2020 Daily coronavirus cases have dropped for the first time in weeks, according to the latest figures. Stocks rallied as the number of daily coronavirus cases fell 10 per cent on Sunday compared to the previous day. However, the gains were not sustained and the FTSE 100 is down 0.87 per cent this morning. The drop [...]
Ted Baker appoints new chief executive amid coronavirus crisis March 30, 2020 Embattled fashion chain Ted Baker has appointed a new chief executive as the retailer battles the challenges caused by the outbreak of coronavirus. Acting chief executive Rachel Osborne will take on the role on a permanent basis, the company announced this morning. The former Debenhams finance chief took the reins in December when Lindsay Page [...]
FTSE 100 slumps despite massive Fed intervention March 23, 2020 FTSE 100 and global stocks tumbled today despite a massive intervention by the US Federal Reserve to try and stabilise coronavirus-ravaged markets. Britain’s blue-chip stock index closed nearly 3.8 per down at 4,993 points. The pan-European Stoxx 600 closed down 4.3 per cent, Germany’s Dax closed down 2.1 per cent and France’s CAC 40 ended [...]
Ted Baker completes London HQ sale to British Airways pension fund March 23, 2020 Ted Baker has agreed terms for the sale of its London headquarters, the Ugly Brown Building, with a British Airways Pension Trustees unit. Following the announcement of a strategic asset review in December, Ted Baker has today exchanged contracts with British Airways’ pension fund and the deal, worth £78.8m, is expected to be completed in [...]
Moss Bros to be taken private in £22.6m deal March 12, 2020 Suit retailer Moss Bros is on the brink of being taken private after the owners of Crew Clothing offered to buy it in a deal worth £22.6m. Brigadier Acquisition Company offered to buy the high street chain for 22p per share, a premium of 60 per cent on yesterday’s closing price. Crew Clothing owner Menoshi [...]
Ted Baker sheds 160 jobs in cost cutting drive February 26, 2020 Struggling fashion brand Ted Baker has announced it will cut 160 jobs in a bid to reduce costs after a “challenging year”. The retailer said today that a reorganisation of head office and business functions would result in 102 redundancies, while 58 jobs that are currently vacant will not be filled. It expects the shake-up [...]
Ted Baker set to sell London HQ amid accounting crisis February 24, 2020 Beleaguered clothes retailer Ted Baker is close to selling its “Ugly Brown Building” headquarters in London in a move that could bolster its balance sheet amid an accounting crisis. Ted Baker is in talks with the British Airways’ pension scheme, which owns a nearby building, to sell a big stake in the office in north [...]
Retail CEO turnover spikes in challenging year for sector February 3, 2020 Retail chief executive turnover reached a seven-year high in 2019 as the sector faced one of the toughest 12 months on record. The rate of chief executive churn increased 25 per cent on the previous year as the retail industry struggled with low consumer confidence, Brexit uncertainty, changing shopping habits and rising overheads. The latest [...]