Next confirms consortium bid for Topshop-owner Arcadia January 5, 2021 Next has confirmed that it is part of a consortium bidding for Arcadia brands, but said it was not seeking majority ownership of Sir Philip Green’s collapsed business empire. It was reported last month that the high street retailer was holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of [...]
Next shares soar following strong online Christmas sales January 5, 2021 British fashion giant Next today reported a surge in online sales over the Christmas period that looks set to boost profit beyond expectations for the year and help offset high street losses. Full-price sales fell 1.1 per cent in 2020 compared to the year before, beating its central guidance of an eight per cent annual [...]
Post-Christmas footfall plummets as UK shoppers avoid high street January 4, 2021 Footfall across Britain’s high streets plunged almost a quarter last week as Boxing Day sales failed to lure shoppers from their sofas, according to the latest data. The number of Brits hitting the shops fell more than 23 per cent in the seven days after Christmas compared with the week before, latest Springboard figures showed. [...]
Wonks expect retail to see a brighter 2021 December 30, 2020 Retailers can expect to see sales growth of as much as 3 per cent in 2021, according to a new expert report. Pent-up savings and demand, more confident consumers and a successful vaccine rollout will all bring a boost, says the KPMG/Ipsos Retail Think Tank. Read more: Where did it all go wrong for Topshop? [...]
Next mulls bid for Sir Philip Green’s collapsed retail empire Arcadia December 18, 2020 Next is reportedly weighing up a bid for Sir Philip Green’s collapsed retail empire Arcadia with US investment firm Davidson Kempner Capital Management. The high street retailer is holding detailed discussions with Davidson Kempner about a combined offer for Arcadia, the owner of Topshop, Dorothy Perkins and Miss Selfridge, after it fell into administration last [...]
Authentic Brands in talks over double swoop for Arcadia and Debenhams – report December 13, 2020 US retail giant Authentic Brands is planning an audacious double swoop for collapsed Arcadia and Debenhams in a deal that would transform the high street. The firm, which recently took over historic New York department store Barneys, is in talks with the administrators of the two companies this weekend. The Sunday Telegraph reported that the [...]
Mike Ashley’s Frasers Group confirms interest in Topshop-owner Arcadia December 10, 2020 Mike Ashley’s Frasers Group has confirmed it is considering a deal to buy some of Arcadia’s brands, including Topshop, after the Sir Philip Green-owned retail empire collapsed at the end of last month. Chris Wootton, Frasers’ chief financial officer, told the BBC the group “tends to look at almost everything on the high street”, as [...]
Mike Ashley’s Frasers Group eyes last minute rescue of Debenhams December 6, 2020 Billionaire retail tycoon Mike Ashley is reportedly trying to rescue Debenhams in a bid that could save 12,000 jobs. Ashley, who founded retail giant Frasers Group and was previously a major Debenhams shareholder, is reportedly trying to thrash out a deal that would see the retailer valued at more than £200m. The retailer went into [...]
Second national lockdown wipes £430m off Primark’s balance sheet December 4, 2020 England’s second national lockdown wiped an estimated £430m off Primark’s balance sheet, as the pandemic continues to decimate British high street retailers. Speaking ahead of Primark’s annual general meeting later today, chairman Michael McLintock said: “Our estimate for the loss of sales for the announced periods of closure this autumn is now some £430m.” The [...]
High profile retailer failures will ‘once again shine spotlight on auditors’ December 3, 2020 A possible avalanche of corporate failures could once again shine the spotlight on auditors, according to Menzies partner James Hadfield. The partner said he could foresee more failures coming, and believed it likely auditors would become a talking point in the process. The high street is having a particularly tough time at the moment, with [...]