Debenhams chairman to step down as restructuring expert appointed chief exec August 7, 2019 Debenhams chairman Terry Duddy is preparing to step down next month as the beleaguered department store’s owners appoint a restructuring expert as its new chief executive. Retail veteran Duddy, who previously ran Argos and Homebase, will leave chief restructuring officer Stefaan Vansteenkiste in charge of the company, Sky News reported. Read more: Debenhams prepares to [...]
Homebase flogged for £1 to HMV owner Hilco amid UK retail malaise May 25, 2018 Troubled DIY chain Homebase has been flogged by Australian retail giant Wesfarmers, which blamed a “deterioration” of the UK economy and took a painful loss of up to £230m. In a statement early this morning, Wesfarmers said the UK chain has been sold for £1 to turnaround fund Hilco – best-known known for buying what [...]
Superdry appoints interim finance chief after boardroom exodus May 22, 2019 Superdry has appointed a new interim finance chief after the return of founder Julian Dunkerton sparked a mass exodus from the board. Nick Gresham, the current chief financial officer of sports and cycling retailer Wiggle, will join the company on 3 June, succeeding Ed Baker who resigned in April after investors narrowly voted in favour [...]
Hilco eyes up struggling retailer Bathstore June 21, 2019 Restructuring fund Hilco is set to pounce on UK retailer Bathstore as it teeters on the edge of collapse, it is reported. Hilco, which has already taken over struggling high street names like HMV and Homebase, is in the process of preparing for a take over of Bathstore, according to Sky News. Read more: Now [...]
B&Q owner Kingfisher’s boss to depart as profits slump and stores close March 20, 2019 Kingfisher announced the surprise departure of its chief executive this morning, as a swathe of store closures and a double-digit drop in profits puts mounting pressure on the embattled DIY group. Read more: B&Q owner Kingfisher plans foreign market exit as French sales drag Veronique Laury, who is currently one of six female chief executives in the [...]
Debenhams lending talks pay off as it closes in on store closure plan February 3, 2019 Debenhams will this week reveal it has bagged a cash injection from lenders as the struggling department store closes in on a radical restructuring plan. The embattled chain has been in discussions with lenders over recent weeks as it looks to refinance banking facilities over the next 12 months in a bid to stay afloat. [...]
Houseplants are all the rage, but are they are millennial cry for help? We speak to the companies cultivating this urban jungle March 5, 2019 Millennials have been accused of killing almost every industry there is, but there may be one that 25-35 year olds are actually propping up. Houseplants are taking off like an avocado tied to a racing drone among Generation Rent, prompting investigations by such serious organs as The Washington Post and New York’s Nylon magazine, in [...]
Luxury furniture firm Smallbone of Devizes teeters on brink of collapse November 26, 2018 High-end furniture manufacturer Canburg, which owns brands such as up-market designer Smallbone of Devizes, is on the edge of bankruptcy as it faces administration. The firm has filed a notice to appoint accountancy firm Grant Thornton as administrator this week, Sky News first reported. Hundreds of jobs could be at risk if proceedings go ahead. [...]
Revealed: The high street retailers that collapsed in 2018 January 7, 2019 To many analysts, 2018 was seen as the year the death knell was sounded for the high street, with the number of retailers falling into administration rising for the second year in a row, according to Deloitte. A total of 125 retailers collapsed last year and there was a 53 per cent increase in Company [...]
Former Staples chain Office Outlet to close stores in new CVA filing August 19, 2018 Stationery chain Office Outlet, formerly known as Staples, is set to launch a Company Voluntary Arrangement – an insolvency procedure to reduce stores and costs – tomorrow and close a selection of its 96 UK stores. Sources today told Sky News that the retailer, which was bought by restructuring fund Hilco in 2016, will request a [...]