High street retailers urged to offer opt-out option for ‘buy now, pay later’ plans December 3, 2019 High street retailers have been urged to allow shoppers to opt-out of being shown “buy now, pay later” options, over concerns that the easily accessible credit could push vulnerable people into unaffordable debt. The Money and Mental Health Policy Institute, an initiative set up by personal finance guru Martin Lewis, said retailers should “help people [...]
TK Maxx defies retail gloom as sales top £3bn October 25, 2019 Budget retailer TK Maxx topped £3bn in sales in the last year, shrugging off high street woes with a rise in profit. US group TJX US, which is the parent owner of the fashion group, has reported a 6.4 per cent rise in sales to £3.1bn in the 12 months to February 2019. Read more: [...]
Concerns mount over councils buying struggling retail properties November 24, 2019 The Treasury has attempted to guide local authorities away from a strategy of buying struggling retail properties over fears that the investments could force councils into bankruptcy. The rate at which local councils are able to borrow to invest was raised by one percentage point last week, as concerns mount over borrowing levels. Read more: [...]
Sir Philip Green wins legal battle against US landlords July 7, 2019 Retail tycoon Sir Philip Green has won a legal battle with a group of US landlords after a court dismissed their claim following the collapse into bankruptcy of Topshop USA. Five US landlords including Vornado were attempting to recoup more than £100m, saying that Green’s restructuring of retail empire Arcadia had compromised their rights as [...]
Arcadia bolsters senior digital team in online sales push November 6, 2019 Sir Philip Green’s Arcadia has bolstered its digital team with three new senior hires, as the embattled retail group seeks to improve online sales as its physical stores continue to struggle. Arcadia, which owns high street brands such as Topshop and Dorothy Perkins, has created a new role – group chief digital officer – as [...]
Footwear chain Office explores restructuring plans July 1, 2019 Office is exploring options for a restructuring plan that could see the footwear chain shutter a number of its UK stores. The retailer has appointed advisory firm Alvarez & Marsal to plan a potential company voluntary arrangement (CVA), Sky News reported. Read more: Landlords pick a fight with the CVA Sources told the broadcaster that [...]
Sir Philip Green in talks to secure £300m by Christmas November 3, 2019 Embattled retail magnate Sir Philip Green is in talks with lenders about borrowing more than £300m that he needs by Christmas to pay off a loan secured against his flagship Oxford Street Topshop store. Read more: Sir Philip Green’s Arcadia reveals huge losses amid CVA controversy Among the possible suitors is US private equity company [...]
US property firm challenges Arcadia restructuring plans July 16, 2019 Sir Philip Green’s Arcadia retail empire has been hit with a legal challenge from a US landlord over the company’s restructuring plans. US property company Vornado, which owns two Topshop stores in New York, has launched an offensive against the two of the retailer’s seven recently agreed company voluntary arrangements (CVAs). Read more: Pensions regulator [...]
Pensions Regulator boss to face questions from MPs over Arcadia deal June 23, 2019 The boss of the Pensions Regulator (TPR) is set to face a grilling from an influential committee of MPs later this week over the watchdog’s deal with Sir Philip Green to help save his fashion empire from collapse. Charles Counsell, the chief executive of TPR, is to appear before politicians just weeks after Green agreed [...]
British Land files legal challenge against Monsoon Accessorize CVA September 5, 2019 British Land has filed a legal challenge against Monsoon Accessorize’s recently agreed rescue plan, which will see the retailer slash rents across more than half its UK stores. The owner of Sheffield’s Meadowhall shopping centre is aiming to block the retailer’s company voluntary arrangement (CVA) following its approval in July, Sky News reported. Read more: [...]