Debenhams shares rise despite £500m loss: Industry reaction October 25, 2018 Debenhams’ share price rose 15 per cent this morning despite the high street department store posting a £500m loss, its worst in 240 years of trading. A £491.5m loss for its 2018 financial year was down from a £59m profit it recorded in 2017, while revenue fell 1.8 per cent to £2.9bn and like-for-like sales [...]
It’s time to challenge Corbyn’s grotesque stereotype of business May 17, 2019 This week, business leader and rich list regular Julian Richer announced that he was handing over 60 per cent of shares in his company to the firm’s 522 employees. You’d be forgiven if you missed this news. Despite Richer Sounds’ 53 stores across the country and annual turnover of £157.5m, the founder is hardly a [...]
Debenhams issues fresh profit warning as expectations are ‘no longer valid’ March 5, 2019 Debenhams warned this morning that its profit expectations for the current year were "no longer valid", as a combination of increased financing costs and market uncertainties signalled further disruption for the embattled department store chain. The high street retailer has withdrawn its full-year outlook today, saying discussions with stakeholders have "now progressed to include options to [...]
No bumps in the road expected for Halfords despite retail gloom November 4, 2018 Bicycle and car maintenance retailer Halfords is expected to report that business is running as usual in its half-year results next week, despite many other retail stores being negatively affected by this year's unusually long hot weather. The retailer is expected to remain on track for its full-year profit guidance, which will be broadly in line [...]
House of Fraser owed millions to major brands before collapse August 18, 2018 House of Fraser racked up debts of almost £500m in the run-up to its collapse, owing major designer brands such as Gucci, Armani and Mulberry. Administrators Ernst & Young (EY) have reported that the chain’s creditors are owed sums totalling hundreds of millions of pounds, with more than 1,000 suppliers set to be out of [...]
House of Fraser administrator faces complaint over Sports Direct sale September 3, 2018 House of Fraser's administrator is facing a complaint over its handling of the department store's collapse and sale to Sports Direct. In a letter seen by City A.M., businessman Paul Mckie claimed he was told by Ernst & Young on the morning of the administration that the firm had not been appointed. The official complaint, [...]
Sports Direct confirms closures of four more House of Fraser stores around the UK November 14, 2018 Four more House of Fraser branches are set to close under new owner Sports Direct as negotiations with a landlord broke down. House of Fraser said today that its Intu-owned sites in Norwich and Nottingham, as well as shopping centre stores in Lakeside in Essex and Metrocentre in Gateshead, will close in early 2019. The [...]
Mulberry widens losses after taking £2.1m hit on House of Fraser collapse November 7, 2018 Luxury handbag maker Mulberry widened losses in the first six months of the year following the collapse of House of Fraser. The figures Total revenue for the six months to the end of September was £68.3m, eight per cent down on the previous year. It reported an underlying pre-tax loss of £3.6m, compared with a [...]
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 [...]
Intu shares soar nearly 30 per cent on John Whittaker takeover rumours October 5, 2018 Shares in property group Intu have rocketed nearly 30 per cent on rumours of a possible takeover from a consortium led by John Whittaker's Peel Group. The other investors led by the British billionaire include Canada's Brookfield Asset Management and Saudi Arabia's Olayan Group. Intu owns some of the UK's most well-known shopping centres, including the Trafford Centre [...]