Sears caves to bankruptcy as widespread store closures loom October 15, 2018 It was once the world’s largest retailer. Now, US department store chain Sears has filed for bankruptcy, losing a fight for survival in a fresh sign of the tough retail conditions hitting high street giants. The 125-year-old company said this morning that it plans to close 142 of its 500 stores, having just recently closed [...]
Claire’s weighing up store closures amid retail woes October 15, 2018 Fashion accessory retailer Claire’s has tonight strongly denied reports that it is mulling store closures as part of a turnaround bid to revive the firm. The high street retailer’s boss said this evening that there were no plans to trigger an insolvency process – known as a company voluntary arrangement (CVA) – despite earlier reports that [...]
Why technology won’t transform every brand’s Fashion Week October 15, 2018 Now that this year’s Fashion Weeks in London, Milan, New York, and Paris have all come to a close, many people are questioning the role of a runway show in today’s age, and whether it could be brought into the twenty-first century. Some brands are embracing the latest technology to satisfy modern consumer demands by making [...]
‘Waitrose of the north’ posts £2.2m sales loss amid trading pressures October 15, 2018 Booths, the Lancashire-based supermarket chain dubbed “the Waitrose of the north” for its focus on high-quality food, posted a £2.2m loss on sales but cut its overall losses in half, its latest results revealed. The family-owned-and-operated supermarket, which has 28 stores across Lancashire, Yorkshire, Cumbria, Cheshire and Greater Manchester, saw its losses before taxation fall [...]
Toy maker Hamleys blames Brexit, terrorism and rising retail costs for £9m loss October 12, 2018 The UK's oldest toy store Hamleys revealed a record loss today with profits dropping a staggering 500 per cent over the past 12 months. The iconic toy-maker blamed Brexit, macroeconomic factors and the threat of terrorism for the downturn in its fortunes. The retailer announced a £9.2m loss for the year to 31 December 2017, having made a £1.7m profit [...]
Entrepreneur loans Patisserie Valerie £20m as cake shop issues shares to cover financial black hole October 12, 2018 Patisserie Valerie today confirmed it needs an immediate cash injection of £20m to continue trading as it revealed that historical trading updates were incorrect. The news comes hours after a criminal investigation was launched into potential fraudulent activity at the beleaguered bakery. Read more: Patisserie Valerie finance director arrested as fraud probe launched The cake shop is proposing [...]
High street horror: Supercuts owner Regis UK asks landlords to slash rent in CVA proposal October 12, 2018 Hairdressing chain Regis UK is teetering on the verge of administration, it told landlords this week, as it urged them to slash rents for its Supercuts and Regis brands. If landlords don’t approve its plans the firm will likely fall into administration, it said. Regis has set out a company voluntary arrangement (CVA) asking for rent [...]
Boots revenue falls as beauty faces ‘a challenging year’ October 12, 2018 The parent company of Boots has blamed a drop in UK pharmacy funding for its lacklustre final quarterly results, after sales at the health and beauty specialist dropped amid retail's difficult trading environment. Walgreens Boots Alliance said fourth quarter sales in its international retail pharmacy division, which houses Boots UK, fell 1.9 per cent from [...]
Government is set to slash hybrid car subsidies as it focuses on pure electric power October 12, 2018 The Department for Transport (DfT) is cutting subsidies available for customers purchasing plug-in hybrid vehicles, as the government looks to shift consumer focus towards pure electric models instead. From next month, buyers of cars that emit less than 50 grams per kilometre of CO2 and have a zero-emission range of at least 70 miles will see [...]
Patisserie Valerie finance director arrested and released on bail as fraud probe launched October 12, 2018 Suspended Patisserie Valerie company finance director Chris Marsh has been arrested and released on bail, the company announced this morning, as the Serious Fraud Office (SFO) opened a criminal investigation into potential fraud at the company. Marsh was suspended on Wednesday after the high street cake shop revealed it had been notified of "significant and [...]
