Intu share price crashes as it cancels dividend amid mounting losses July 31, 2019 Intu’s shares plummeted this morning as it cancelled its dividend and fell to an almost £900m loss for the first six months of 2019. The retail landlord admitted there were “no quick fixes” as it blamed the wider retail collapse for its property woes. Read more: JP Morgan downgrades shopping centre landlord Intu Instead it [...]
A clash of visions at Sports Direct July 28, 2019 Mike Ashley once admitted that there was in fact another person who has really been running Sports Direct. She is a media-shy 51-year-old woman called Karen Byers. For almost three decades, Byers has been quietly working under Ashley as one of his core lieutenants, pulling 18 hour days and keeping a ruthless focus on the [...]
Primark demands rent cuts after rivals secure insolvency boost July 28, 2019 Primark is said to be demanding rent cuts on dozens of stores as it looks to keep up with struggling rivals that have cut costs through insolvency procedures. The fashion chain is asking landlords to slash rent by 30 per cent on stores where the leases have several years remaining, and is offering lease extensions [...]
Debenhams prepares to ask lenders for extra £50m lifeline July 18, 2019 Debenhams is preparing to ask lenders for an additional £50m lifeline as it approaches the critical Christmas trading period. The department store, which was taken over by its lenders after it fell into administration three months ago, could require access to additional borrowing facilities as soon as this autumn, Sky News reported. Read more: Debenhams [...]
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 [...]
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 [...]
Creditors approve Monsoon Accessorize rescue plan July 3, 2019 Creditors have approved Monsoon Accessorize’s restructuring plan today which will see rents slashed at more than half of the fashion retailer’s leased stores. The store said its company voluntary arrangement (CVA) proposals had passed “with a majority significantly above the required threshold”. Read more: Creditors prepare to vote on Monsoon Accessorize rescue plan In total, [...]
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 [...]
Creditors prepare to vote on Monsoon Accessorize rescue plan June 30, 2019 Creditors will decide the fate of Monsoon Accessorize this week as they vote on the company’s rescue plan, which includes proposals to slash rents at more than half of its leased stores. Last month the retailer launched a company voluntary arrangement (CVA), which outlined plans to cut rent at 135 of Monsoon and Accessorize’s 258 [...]
Oxford Street discounts signal a troubling start to the summer for retailers June 25, 2019 The crucial summer selling season is finally upon us, but for retailers on London’s most celebrated high street, all is not well. Big red discounts in shop windows line the parade on Oxford Street, where many of the country’s flagship fashion stores are offering major price reductions in a desperate bid to boost their sales. [...]