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 [...]
Dunelm to simplify after profits drop in ‘difficult and disappointing’ year September 12, 2018 Homeware retailer Dunelm has said it will simplify the business following a “difficult and disappointing” year, which saw profits fall nearly seven per cent. Read more: Mike Ashley proclaims House of Fraser strategy will be a 'game changer' The figures The company said revenue for the year ending 30 June was £1.05bn – 10 per cent [...]
Chelsea named bottom of the league for prompt payments as big clubs let the side down September 27, 2018 Elite Premier League clubs are less likely to pay their suppliers promptly than smaller teams, according to industry data provided to City A.M. Chelsea are the slowest team to settle invoices, says business information company Dun & Bradstreet, while Tottenham and Manchester City are also in the bottom four. Brighton and Bournemouth are the [...]
FCUK must reconnect with British shoppers in a saturated market October 10, 2018 On Monday, news emerged regarding high-street retailer French Connection. The brand announced that it may be up for sale, prompting shares in the fashion chain to rise 25 per cent to 55p. Following on from speculation last weekend, the firm said it was “reviewing all strategic options” – one of which is a sale. French [...]
House of Fraser’s new owner issues profit warning | City A.M. August 1, 2018 House of Fraser’s future prospects have been dealt another blow after its owner issued a profit warning, throwing its emergency funding into doubt. C.banner, the Chinese company which also owns Hamleys, issued a statement to the market today warning its profits will be lower and cancelling a planned placing due to the plunge in its [...]
Philip Hammond is mulling special ‘Amazon tax’ for online retailers to counter high street woes | City A.M. August 10, 2018 Chancellor Philip Hammond has said he is considering a new tax for online businesses in recognition of the challenges faced by high street retailers. Hammond told Sky News he believed “the nature of the offer on the high street” was changing permanently. “There’s going to be less retail, more leisure, bars, community facilities,” he said. [...]
Foot Locker steps up its game to beat analyst expectations August 24, 2018 Foot Locker surpassed Wall Street expectations today as it reported higher than predicted growth in both sales and earnings. The figures The sports retailer saw sales grow 4.8 per cent to $1.78bn (£1.39bn) in the three months to 4 August, pipping analyst estimates. Meanwhile net income climbed to $88m, compared to just $51m in the [...]
Debenhams calls in top auditors to weigh up potential insolvency September 9, 2018 Embattled department store chain Debenhams has called in Big Four accountancy firm KPMG to help carry out desperate restructuring measures which could include a controversial insolvency process. Among the contingency options currently being weighed up by KPMG is a company voluntary arrangement (CVA), which is an insolvency option that can be used to close stores [...]
Sports Direct slams ‘greedy’ House of Fraser landlords August 28, 2018 Mike Ashley's Sports Direct has slammed "greedy landlords" as the group conducts discussions over the future of 59 House of Fraser stores. Several branches of the department store chain which were due to close in early 2019 have been given a reprieve after the new owners negotiated with landlords. But the fate of several shops [...]
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 [...]