Lidl sales soar as big four supermarkets struggle November 12, 2019 Budget supermarket Lidl enjoyed soaring sales this autumn, as the big four grocers struggled to keep up with the German discount stores in the lead up to the crucial Christmas trading period. Lidl was the fastest growing bricks and mortar supermarket in the 12 weeks to 3 November with a sales increase of 8.8 per [...]
Retail bosses call for £6bn corporation tax hike to fund business rates cut February 5, 2020 Retail bosses are preparing to urge the Treasury to increase corporation tax in order to cut business rates by £6bn in a bid to save the UK’s struggling high streets. The recommendation to the government will be made in a report by a sub-committee of the Retail Sector Council, due to be shared in the [...]
Sports Direct’s Mike Ashley makes move for Links of London September 9, 2019 Retail magnate Mike Ashley is hoping to ramp up his high street spending spree after putting in an offer for troubled jewellery group Links of London. The Sports Direct owner is tabling a bid to snap up the retail outlet, according to Sky News, which has reported that Ashley is one of two final bidders [...]
Ted Baker finance boss bags Mulberry role August 22, 2019 Ted Baker’s finance boss Charles Anderson has quit after 17 years to join luxury bag brand Mulberry. Anderson will join Mulberry’s board as group finance director in early October, replacing Neil Ritchie who stepped down on 30 June. During his time at Ted Baker, Anderson played an active role in its international expansion and systems [...]
What is a CVA? Insolvency process used by House of Fraser, Carluccio’s, Mothercare and more June 7, 2018 What is a CVA? A company voluntary arrangement (CVA) is a type of insolvency process used to pay creditors over a fixed period. It means a company may not have to pay back all of its debts. Unlike going into administration, the company does not fall into the hands of a third party. Instead, an [...]
House of Fraser confirms plans to close more than half of its stores June 7, 2018 House of Fraser is to close 31 of its 59 stores in a plan to dramatically restructure the chain, in a move its chief executive described as "grim". If approved by creditors, the move will result in the loss of 6,000 jobs: 2,000 House of Fraser employees and 4,000 brand concession staff. The full list of [...]
House of Fraser closure vote looms as politicians fear jobs cuts and end to iconic stores June 21, 2018 Politicians and landlords fear thousands of job losses and the death of beloved high street stores ahead of House of Fraser’s vote on store closures tomorrow. The struggling retailer’s creditors will decide tomorrow whether to approve a company voluntary arrangement (CVA), which will result in 31 of the 59 House of Fraser stores closing down. [...]
Sports Direct: What’s gone wrong for Mike Ashley? July 26, 2019 Even for an unpredictable retail tycoon like Mike Ashley, today’s strange turn of events is unprecedented. Sports Direct was set to release its full-year figures at 7am this morning, before suddenly postponing its statement and cancelling media interviews. Read more: Confusion reigns as Sports Direct delays annual results yet again With no explanation given as [...]
House of Fraser to sell stake to Hamleys owner and close stores May 2, 2018 House of Fraser became the latest struggling retailer to confirm that it will close stores yesterday, as part of a deal to sell a stake to the owner of Hamleys. But employees will have a nail-biting month-long wait to find out which of the 59 stores will be affected. The department store group, owned by [...]
House of Fraser brings in advisers to consider store closures April 19, 2018 House of Fraser has become the latest retailer to look into store closures and rent reductions. The department store chain has brought in advisers from KPMG, Sky News reported, putting a company voluntary arrangement (CVA) on the table. This could involve closing some of the company’s 59 stores, as well as reducing rents at other [...]