Coronavirus: Cineworld in legal battle over unpaid lockdown rent August 17, 2020 Cineworld is said to be facing a legal challenge from one of its landlords after the cinema chain failed to pay rent during the coronavirus lockdown. The London-listed cinema group is understood to be withholding rent from property giant AEW after it was hit by closures due to the Covid-19 crisis. AEW has now filed [...]
Tesco introduces free delivery as it prepares to confront Amazon August 16, 2020 Tesco will introduce free delivery in its latest bid to head off Amazon’s attempt to muscle in on the British grocery market. Tesco boss Dave Lewis today told the Sunday Telegraph that the supermarket will add free delivery to its Clubcard Plus loyalty scheme. It comes after the technology giant announced last month it would [...]
Debenhams draws up contingency plans for liquidation August 16, 2020 Debenhams’ owners have begun drawing up plans for the liquidation of the department store, which could threaten thousands of jobs. The retailer is understood to have appointed Hilco Capital, which specialises in restructuring and refinancing firms, as a contingency plan. Hilco’s appointment was first reported by Sky News and was described over the weekend as [...]
Mike Ashley’s Frasers Group bids for DW Sports August 16, 2020 Mike Ashley’s Frasers Group has reportedly made a bid for DW Sports, the sports retail empire of his old rival Dave Whelan which collapsed earlier this month. DW Sports announced it had appointed BDO as its administrator at the start of August. It said it would be winding down its retail business, with its website [...]
River Island to cut a further 350 jobs in management restructure August 14, 2020 River Island is set to cut up to 350 more jobs in a management shake-up. It comes a month after the high street retailer unveiled plans to let go 250 head office staff as a cost-cutting measure due to the coronavirus pandemic and a significant reduction in footfall. The company is now set to target [...]
New Look seeks turnover-based rent in second restructuring plan August 13, 2020 New Look has proposed another restructuring of its retail network, its second in three years, after coronavirus significantly impacted its finances. The fashion retailer has asked landlords to agree new turnover-based leases across its portfolio, having already closed stores and negotiated rent reductions as part of a company voluntary arrangement (CVA) two years ago. “Out [...]
Gambling giant GVC sees profit sink as coronavirus shuts betting shops August 13, 2020 Gambling giant GVC saw profit fall 14 per cent in the first half of 2020 as coronavirus forced its betting shops to remain closed through much of April and May. The firm, which owns Coral and Ladbrokes, said that the reopening of its stores meant it was “well-placed” for the rest of the year. Shares [...]
Watches of Switzerland shares jump on strong post-lockdown recovery August 13, 2020 Shares in luxury retailer Watches of Switzerland jumped today after it said sales in June and July were up on the previous year following a steep plunge during the coronavirus lockdown. The high-end watch-seller said sales in June were positive and performance in July was up 7.4 per cent on the previous year. Its shares [...]
