Office set to close up to half its 100 UK stores August 9, 2019 Shoe retailer Office is planning to close up to half of UK stores at it reckons with the decline of business on the high street. The footwear chain is working on plans to close dozens of its 100 stores as their leases expire during the next few years, according to a report by Sky News. [...]
Topshoppers are not put off by Sir Philip Green’s troubles April 17, 2019 Last week, Sir Philip Green appointed restructuring specialists to the boards of his Arcadia retail empire in preparation for a major reconfiguration in May to tackle the company’s £500m deficit. Green has pinned Arcadia’s struggles on a challenging retail market and the ailing British high street, however Arcadia’s brands may have been affected by his [...]
Landsec swings to first-half loss after retail property values plunge November 12, 2019 Landsec swung to a pre-tax loss in the first half of the year after the value of its retail and leisure assets suffered in an increasingly challenging market for tenants. The figures The company reported a pre-tax loss of £147m, compared to a profit of £42m the previous year, resulting in a loss per share [...]
Arcadia loses another director as interim chairman steps down September 4, 2019 Sir Philip Green’s retail empire has lost another director as interim chairman Jamie Drummond Smith stepped down. Drummond Smith quit on 30 August, the same day that chief operating officer David Shepherd retired, according to company filings. Read more: Arcadia COO steps down A former partner at Deloitte and chairman of Cattles, Drummond Smith joined [...]
Zara owner Inditex boosts sales with rapid online expansion June 12, 2019 Zara owner Inditex defied a weak retail market to boost sales at the beginning of the second quarter as its global expansion gathered pace. The world’s biggest clothing retailer bounced back from a weak start to the year, damaged by cold weather, reporting a 9.5 per cent sales jump in the period from 1 May [...]
Sir Philip Green appoints restructuring specialists to Arcadia’s board April 11, 2019 Sir Philip Green has appointed restructuring experts to the board of his retail empire as the billionaire tycoon prepares to overhaul the company. Former Deloitte partner Jamie Drummond Smith, who was the chairman of Cattles, has joined the board as interim chairman and Peter Bloxham, an independent restructuring advisor and former head of restructuring and [...]
Sir Philip Green to close 25 more stores than initially planned May 25, 2019 Sir Philip Green's Arcadia is set to close 25 more stores than the initial 23 it announced earlier this week. The Topshop and Dorothy Perkins owner revealed 23 stores would shut down earlier this week as part of plans to save the company. Read more: Sir Philip Green told to put his own cash into Arcadia [...]
French Connection: Sale talks ‘ongoing’ as losses narrow September 17, 2019 French Connection has said that sale talks are ongoing, as the embattled fashion chain posted narrowing losses and a fall in revenue this morning. Shares fell 12.37 per cent after the retailer announced it is extending a strategic review into the business amid continued discussions over the future of the struggling business, which has been [...]
Intu share price fall continues after dividend cancellation August 1, 2019 Shares in retail landlord Intu continued to fall this morning after the Trafford Centre owner yesterday cancelled its dividend as it fell to a £900m loss. Intu’s share price was down as much as 6.7 per cent at 44.6p this morning before recovering slightly to 45.45p. Read more: Intu share price crashes at it cancels [...]
Intu set to vote against Arcadia CVA as Philip Green’s empire hangs by a thread June 5, 2019 Fresh doubts over whether Sir Philip Green’s fashion group can win a crunch restructuring vote today have emerged, as one of Britain’s largest retail landlords looks set to vote against the firm’s controversial insolvency plans. Intu, a FTSE shopping centre owner, is expected to vote against the proposals for Green’s company voluntary arrangement (CVA), according [...]