Philip Green closes 210 Arcadia stores over two years January 20, 2019 Arcadia boss Philip Green has closed 210 stores over the last two years, representing around a fifth of his UK retail empire. The tycoon allowed the leases to run out on individual stores instead of renewing them during an ongoing battle with falling sales and increasing property costs, the Sunday Telegraph reported. A total of 62 [...]
Health on the high street December 15, 2020 This year has presented a new set of challenges to the high street, which have the potential to change the face of this British institution as we know it. Even before the onset of the Covid-19 pandemic, recent years have seen hundreds of thousands of retail jobs lost and a huge number of much-loved stores [...]
Topshop boss Sir Philip Green bags £310m loan for Oxford Street store December 13, 2019 Sir Philip Green has bagged a £310m deal to remortgage the flagship Topshop store on Oxford Street, securing the future of a crucial asset in his struggling retail empire. Topshop parent company Arcadia Group today said it had completed a four-year refinancing deal with US investment giant Apollo Management. Read more: Sir Philip Green’s Arcadia [...]
Retail giants urge Sunak to U-turn on abolishing VAT refund for tourists October 19, 2020 A group of 16 UK retail giants has urged Rishi Sunak to U-turn on his plan to abolish the VAT refund for international visitors from next year. The group – which includes the heads of Paul Smith, Ted Baker, The White Company, Fortnum and Mason and Charles Tyrwhitt – said abolishing the VAT refund would [...]
Intu seeks to raise boss’s bonus amid financial troubles February 16, 2020 Beleaguered retail landlord Intu could face a showdown with investors over executive pay, as it seeks to hike the potential bonus of new chief executive Matthew Roberts. Intu is seeking to bring the the potential share awards in its long-term incentive plan back up to 250 per cent, after the scheme was cut back to [...]
Debenhams cuts ‘hundreds’ of head office and store jobs May 28, 2020 Embattled retailer Debenhams is preparing to cut “hundreds” of jobs, with both head office and in-store roles set to go. Debenhams, which is set to reopen most of its branches on 15 June, will cut some in-store roles due to reduced opening hours and the continued closure of services such as cafes, City A.M. understands. [...]
Under the influence: How reality stars’ Dubai trips could sink social media marketing January 27, 2021 While online fitness guru Sheridan Mordew has undoubtedly succeeded at influencing people, she may be struggling to make friends. When the social media influencer, who posts workout videos for her thousands of online followers, insisted that her much-documented trip to Dubai was essential business travel, she was met with little sympathy. In fact, Mordew is [...]
Sunday Sitdown: Time Out boss Julio Bruno on the ‘renaissance’ of cities February 21, 2021 While no one could have predicted the outbreak of coronavirus, few companies have been blighted by worse timing than Time Out. In the face of shrinking revenue from its core events listings business, the media group has spent recent years shifting its focus to a new offering of food and culture markets. But when the [...]
Sir Philip Green in talks to secure £300m by Christmas November 3, 2019 Embattled retail magnate Sir Philip Green is in talks with lenders about borrowing more than £300m that he needs by Christmas to pay off a loan secured against his flagship Oxford Street Topshop store. Read more: Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy Among the possible suitors is US private equity company [...]
Karren Brady says feminist principles ‘didn’t square’ with Sir Philip Green allegations January 15, 2020 Baroness Karren Brady said quit the board of Arcadia’s holding company as her feminist principles did not “square” with allegations about retail tycoon Philip Green. Brady stepped down as non-executive chairman of Taveta Investments last February as Green faced allegations of harassment and bullying, which he denies. Read more: Karren Brady and a lesson on [...]