Standard Life Aberdeen offloads Boohoo stock over Leicester factory scandal July 10, 2020 Investment giant Standard Life Aberdeen has dumped its entire stake in fast fashion firm Boohoo after the retailer was caught up in a scandal over low pay and poor conditions for factory workers. Boohoo launched an independent review of its UK supply chain following allegations of poor working practices and underpayment of workers at a [...]
The Gym Group loses a fifth of its members as it prepares to reopen July 10, 2020 The Gym Group lost one in five of its members since lockdown started, it said today, as it gets ready to reopen most of its gyms on 25 July. The hit to its numbers came despite the group freezing all membership payments during lockdown. It has around 692,000 remaining customers. The low-cost gym firm said [...]
Most Brits still ‘uncomfortable’ dining out in restaurants July 10, 2020 Most Brits are still uncomfortable with sitting indoors at a restaurant due to fears over the spread of coronavirus, according to a new survey. Alongside pubs and bars, restaurants were allowed to reopen on 4 July after months in lockdown. But the latest survey by the Office for National Statistics found that six in 10 [...]
Carlsberg expects better than forecast profit as China trade bounces back July 10, 2020 Danish brewer Carlsberg said today that it expects to suffer a smaller drop in profit than previously forecast after trade in China bounced back after the coronavirus lockdown. The firm said it expects a nine per cent drop in operating profit in the second quarter compared to analyst forecasts of a 26 per cent decline. [...]
UK retailers warn shoppers face price hikes if no EU trade deal agreed July 10, 2020 Britain’s retail industry has warned that consumers could face higher prices next year if the UK is unable to reach a tariff-free EU trade deal. The British Retail Consortium said the industry could not absorb the additional costs of tariffs, meaning the hike in prices would be passed on to consumers whose finances have already [...]
UK shoppers start to return to the high street after lockdown July 10, 2020 Shoppers returned to the UK high street last month as lockdown restrictions were eased, however visitor numbers were well below pre-coronavirus levels, according to the latest data. Footfall analysis by the British Retail Consortium and Shoppertrak showed that footfall in June was down 63 per cent compared to the previous year, although this was 19 [...]
Muji files for bankruptcy in the US July 10, 2020 The US arm of Japanese lifestyle brand Muji has filed for bankruptcy, joining a host of retail casualties amid the coronavirus pandemic. Muji owner Ryohin Keikaku said it had filed for Chapter 11 bankruptcy protection today, aiming to close unprofitable stores and renegotiate rents across the US. All of Muji’s 18 US stores have remained [...]
Wagamama owner The Restaurant Group says some sites will remain closed until 2021 July 10, 2020 Wagamama owner The Restaurant Group has secured a £50m government loan it said this morning as it revealed that some sites won’t reopen until next year. The Restaurant Group said today that just 25 per cent of its 400 sites will be open by the end of July, despite the government giving a green light [...]
More than 5,000 retail jobs at risk as pandemic forces John Lewis and Boots to restructure July 9, 2020 More than 5,000 high street jobs could be lost as two UK retail giants announced store closures today after the coronavirus pandemic forced John Lewis and Boots to urgently restructure their businesses. John Lewis has decided not to reopen eight stores after the coronavirus lockdown, saying the sites were struggling before the pandemic. The proposed [...]
John Lewis closes eight stores putting 1,300 jobs at risk July 9, 2020 John Lewis has announced that it will not reopen eight stores after the UK coronavirus lockdown, putting around 1,300 jobs at risk. The company said this morning that the stores, which includes the department store at Birmingham’s Bullring shopping centre, had been struggling before the pandemic. John Lewis will also close its department store in [...]
