Sports Direct AGM: Board ‘mulled Debenhams and House of Fraser merger’ September 12, 2018 Merger plans for department store chains House of Fraser and Debenhams have been discussed by the Sports Direct board a director revealed today. Talks about combining the two major high street retailers come a month after Mike Ashley, who owns nearly 30 per cent of Debenhams, snapped up House of Fraser, announcing that he wanted to turn the [...]
Toy maker Hamleys blames Brexit, terrorism and rising retail costs for £9m loss October 12, 2018 The UK's oldest toy store Hamleys revealed a record loss today with profits dropping a staggering 500 per cent over the past 12 months. The iconic toy-maker blamed Brexit, macroeconomic factors and the threat of terrorism for the downturn in its fortunes. The retailer announced a £9.2m loss for the year to 31 December 2017, having made a £1.7m profit [...]
House of Fraser to ‘axe brands’ in Sports Direct strategy rethink September 14, 2018 A number of House of Fraser brands are to be axed as part of a strategy rethink by new owners Sports Direct, it has been reported. Sources told fashion publication Drapers that brands such as Linea, Biba, Issa, Label Lab and Criminal Denim will removed, in line with Mike Ashley's strategy of turning the troubled department store into [...]
House of Fraser to ‘axe brands’ in Sports Direct strategy rethink September 14, 2018 A number of House of Fraser brands are to be axed as part of a strategy rethink by new owners Sports Direct, it has been reported. Sources told fashion publication Drapers that brands such as Linea, Biba, Issa, Label Lab and Criminal Denim will removed, in line with Mike Ashley's strategy of turning the troubled department store into [...]
Mike Ashley snaps up freehold to House of Fraser’s historic Glasgow store for £95m October 12, 2018 House of Fraser today paid £95m for the freehold to its iconic Glasgow building, promising to turn it into the “Harrods of the north”. Owner Sports Direct bought the Frasers building from Glasgow City Council, promising to turn it into a destination for luxury shopping, with brands like Hermes, Christian Louboutin, Prada and Gucci already [...]
Two House of Fraser distribution centres have reopened August 24, 2018 Two of House of Fraser's distribution centres have re-opened after a dispute with its logistics provider resulted in customer orders being cancelled. The sites in Wellingborough and Milton Keynes have re-opened today, Drapers reported. This follows a weeks-long standoff with XPO Logistics, which owns and operates the warehouses. Earlier this week, The Times reported that Mike [...]
Harrods Bank sold to digital challenger Tandem | City A.M. August 7, 2017 The banking arm of luxury department store Harrods has been sold to digital challenger bank Tandem in what’s understood to be a multi-million pound deal, City A.M. can exclusively reveal. The Harrods Bank brand will disappear as Tandem takes over the loss-making bank’s business, including loans, savings and current accounts. The deal is a left [...]
Mike Ashley calls for online sales tax to revive high street December 3, 2018 Sports Direct billionaire Mike Ashley has urged the government to tax online retailers as he put up a spirited defence of his own retail operation in front of MPs today. In a fiery appearance in front of a parliamentary committee the retail tycoon said “web boys” that make over 20 per cent of their retail [...]
Sports Direct saves House of Fraser Oxford Street from closure August 21, 2018 House of Fraser's flagship branch on Oxford Street has been saved from closure after new owners Sports Direct pledged to keep the store open. The site was one of 31 slated for closure under a company voluntary arrangement (CVA) which was passed earlier this year. But the restructuring plans were rendered void when House of [...]
Debenhams names new finance boss August 22, 2018 Debenhams has named Rachel Osborne as its new chief financial officer at a crucial time for the retailer amid the crisis on the high street. Osborne is currently finance boss of Domino's Pizza Group, but announced a sudden departure in June, sending the company's shares down five per cent. She was the third CFO of Domino's in [...]