Sports Direct launches legal challenge to Debenhams restructuring plan June 11, 2019 Retail tycoon Mike Ashley has launched an audacious legal challenge to stall the turnaround plan at Debenhams, reigniting a bitter feud for control of the high street retailer. The embattled department store chain confirmed today that it has received challenges to its company voluntary arrangements (CVA) from parties including Sports Direct, the budget sportswear retailer [...]
Topshop billionaire Sir Philip Green slammed over potential pensions row as US investor backs out April 10, 2019 Sir Philip Green’s troubles escalated this morning as an influential parliamentary chair hit out at the billionaire tycoon and news emerged of a top US backer pulling out of his retail empire. The Topshop owner has been accused of being up to “old tricks again” by Frank Field, chair of the Work and Pensions Select [...]
Consumer sentiment hits eight-month high despite Brexit uncertainty June 1, 2019 UK consumers reported an improvement in their personal finances and more positive outlook for the year ahead in May, according to the monthly survey by market researchers GfK. The economy has continued to grow slightly thanks to solid demand from households, despite businesses pausing any major investments as they await the latest in the Brexit [...]
Creditors prepare to vote on Monsoon Accessorize rescue plan June 30, 2019 Creditors will decide the fate of Monsoon Accessorize this week as they vote on the company’s rescue plan, which includes proposals to slash rents at more than half of its leased stores. Last month the retailer launched a company voluntary arrangement (CVA), which outlined plans to cut rent at 135 of Monsoon and Accessorize’s 258 [...]
Topshop billionaire Sir Philip Green drops legal injunction against the Telegraph February 8, 2019 A High Court judge has officially dropped Sir Philip Green's legal injunction against the Daily Telegraph. The Arcadia chairman had previously prevented the newspaper from publishing allegations of misconduct against five employees, including alleged sexual harassment and racial abuse. Mr Justice Warby granted the Topshop billionaire his request to discontinue the injunction on Friday, just [...]
Property giants suffer £2.7bn write-down after retail values plunge July 1, 2019 Britain’s biggest landlords suffered a £2.7bn write-down in the value of their investment properties in the last 12 months, as a sharp downturn in the retail sector sent shockwaves throughout the property industry. Real estate giants including Intu, British Land and Land Securities nursed significant losses in the overall value of their assets last year [...]
Karren Brady quits her role as chair of Sir Philip Green’s retail empire February 25, 2019 Baroness Karren Brady has resigned from Sir Philip Green’s retail investment firm just days after saying she owed it to staff to stay at the company. Brady has quit her post of non-executive chairman of Taveta Investments, the company behind Sir Philip’s Arcadia Group, which includes such brands as Topshop, the firm announced this morning. [...]
Sir Philip Green complaint against Lord Hain gets dismissed April 8, 2019 Sir Philip Green’s complaints against a peer who named him as the man at the centre of sexual harassment and racial abuse allegations were dismissed this afternoon. Read more: Top financial PR firm cuts ties with Sir Philip Green amid allegations The House of Lords standards body has dismissed a complaint from the retail tycoon [...]
Ranked: The UK’s fastest growing companies for brand value September 11, 2019 Deliveroo, Costa Coffee and Brewdog are growing in value faster than any other UK brands, according to a survey published today. The food delivery app topped the list, increasing its value 54 per cent to $1.4bn (£1.1bn), while coffee chain Costa jumped 48 per cent to $1.5bn, boosted by its takeover by Coca Cola. Read [...]
Sir Philip Green accused of sexual and racial abuse and making £1m payouts in exchange for silence February 9, 2019 Topshop billionaire Sir Philip Green paid a female employee £1m to keep quiet after she accused him of kissing and groping her, according to a report in the Daily Telegraph. The paper alleges that Sir Philip called the senior female member of staff a “naughty girl” and made comments about her weight. It reported that [...]