Mike Ashley throws accusations at administrator as he abandons bid for cake shop Patisserie Valerie February 11, 2019 Retail tycoon Mike Ashley has pulled his bid for scandal-hit Patisserie Valerie, lashing out with claims the cafe chain’s administrators withheld vital information. Ashley’s Sports Direct said today it was “reluctantly” withdrawing its bid to lift the struggling firm out of administration, just two days after the offer was tabled. Read more: Sports Direct makes [...]
Canadian vinyl record shop boss Doug Putman joins bidding war for HMV February 3, 2019 Canadian vinyl record tycoon Doug Putman has made a dramatic late bid to snap up collapsed music store HMV in a move that could hamper Mike Ashley's takeover plans. Douglas Putman, who owns Canadian chain Sunrise Records, has entered the auction and is now the front-runner ahead of the Sports Direct tycoon, according to media reports. [...]
Billionaire Mike Ashley’s retail empire balloons by a third in one year January 31, 2019 Mike Ashley’s retail footprint has swollen by more than a third in the last year, following a spending spree in 2018 that saw the billionaire tycoon snap up some of Britain’s largest high street chains. The Sports Direct owner, who is reportedly now in talks to add beleaguered music retailer HMV to his growing estate, bought House [...]
Mike Ashley tells HMV landlords: Give me six months rent-free January 25, 2019 Retail tycoon Mike Ashley is reportedly demanding a rent holiday from landlords of HMV stores as he negotiates a rescue deal for the music retailer. Ashley has written to HMV’s landlords to see a six-month period without having to pay rent if he buys the chain, according to reports. The landlords include major players in [...]
Mike Ashley enters talks to buy struggling music store chain HMV and eyes new PR team January 20, 2019 Mike Ashley is looking to strengthen his grip on the high street by entering talks to buy struggling music store HMV while searching for a new communications firm to oversee his expanding retail empire. The ambitious business tycoon, who has bought House of Fraser and Evans Cycles in the past six months, is bidding to [...]
Debenhams may shut 90 stores and slash 10,000 jobs in rescue plan January 14, 2019 Debenhams could cut 10,000 jobs as part of a desperate attempt to keep the company afloat amid plunging profits and a dramatic boardroom coup. The struggling department store has earmarked as many as 90 high street stores for closure, the Daily Telegraph reported yesterday. Debenhams had already announced plans to close 50 of its 165 [...]
Retail sector suffers worst Christmas in a decade as sales stagnate January 10, 2019 The UK retail sector has suffered its worst Christmas in a decade as sales stagnated during the crucial festive period, despite a string of positive updates offering a glimmer of hope. Overall retail sales were flat in December, the lowest level of growth since April and the worst festive performance since 2008, according to figures [...]
Asos shares nosedive after it warns on bleak pre-Christmas trading December 17, 2018 Shares in Asos fell more than 35 per cent this morning after it warned of a “significant deterioration” in its pre-Christmas trading. The online retailer reported sales growth of 14 per cent in the three months to the end of November. But the company said it had seen the “weakest growth in online clothing sales [...]
Debenhams chairman tells Mike Ashley to make a bid for the chain amid loan row December 16, 2018 The chairman of Debenhams has told Sports Direct owner Mike Ashley to make a bid for the entire department store chain if he is serious about taking control of the company. Sir Ian Cheshire today issued an ultimatum to the tycoon, who holds a 30 per cent stake in the struggling department store, amid a [...]
Sports Direct takes profit hit from ‘challenging’ House of Fraser acquisition December 13, 2018 Sports Direct has posted a 27 per cent drop in half-year profits today, as costs from the acquisition of beleaguered department store chain House of Fraser weighed on the group’s balance books. Shares in Sports Direct slumped 12.7 per cent this afternoon, with the retailer rushing out an urgent clarification this afternoon after Mike Ashley said [...]