J Crew files for bankruptcy as coronavirus derails turnaround plan May 4, 2020 J Crew has filed for bankruptcy after the coronavirus pandemic forced it to close stores and derailed the retailer’s turnaround plans. Under the terms of the filing, the New York-based clothing brand’s main creditors will take control of the business in exchange for wiping out $1.65bn of debt. Anchorage Capital Group, Blackstone, GSO Capital Partners [...]
Tate & Lyle suffers slump in demand during coronavirus lockdown May 4, 2020 Tate & Lyle suffered a drop in demand for its products last month due to the closure of restaurants, cinemas and bars. The company said bulk sweetener volume in the US was 26 per cent lower due to reduced out-of-home consumption during coronavirus lockdowns. Meanwhile industrial starch volume was nine per cent lower as demand [...]
Hotel Chocolat secures £25m coronavirus loan as disruption expected until end of 2020 May 4, 2020 Hotel Chocolat announced this morning it has secured a £25m coronavirus large business interruption loan (CLBIL) as it warned that the pandemic could continue to impact trading throughout the rest of 2020. The high street retailer said it had agreed a £35m revolving credit facility with Lloyds Bank, replacing its previous £10m overdraft facility. The [...]
Robot waiters, half the tables, and crossed fingers: How restaurants will reopen after UK lockdown ends May 2, 2020 Robot waiters, staff in masks and two metres between each table. This is what dining out could look like when the UK coronavirus lockdown is eased. At least, for the restaurants that manage to survive. Official government guidance on reopening has been limited so far. However, that could change soon as the Prime Minister said [...]
McDonald’s to reopen for delivery this month May 1, 2020 McDonald’s will reopen some UK restaurants for delivery this month after trialling social distancing measures. The fast food giant will open 15 stores on 13 May, offering a limited menu for delivery only, after successful social distancing trials this week. McDonald’s UK and Ireland chief executive Paul Pomroy said the restaurants selected to reopen will [...]
Greggs shares sink as it cancels plan to reopen stores amid lockdown May 1, 2020 Shares in high street bakery chain Greggs dropped today after it postponed its reopening plans over fears of attracting crowds. The bakery chain’s share price fell 4.73 per cent to 1,750p this morning after last night’s announcement that it will now carry out social distancing trials behind closed doors. Greggs had previously planned to reopen [...]
Ladbrokes owner GVC’s board takes 20 per cent voluntary pay cut May 1, 2020 Ladbrokes owner GVC has announced its board will take a voluntary pay cut of 20 per cent amid the coronavirus crisis. Last month the bookmaker said the board’s remuneration committee would consider the impact of coronavirus on GVC’s performance and review the remuneration policy. Today GVC announced the board of directors and members of the [...]
Intu to take ‘robust action’ against large tenants withholding rent May 1, 2020 Shopping centre landlord Intu warned it is prepared to take “robust action” against “well-capitalised” tenants that refuse to pay rent during the coronavirus crisis. Intu, which owns Manchester’s Trafford Centre, said it had received 40 per cent of rent due for the first quarter. It is in advanced discussions with tenants representing a further 28 [...]
Carlsberg sales dip due to pub closures during lockdown April 30, 2020 Carlsberg sales dropped in the first quarter and the brewing giant warned a further decline is expected over the next few months due to the closure of bars and restaurants during coronavirus lockdowns. The brewer said sales dropped seven per cent between January and March, and would continue to fall in the second quarter due [...]
B&Q reopens all 288 stores after social distancing measures implemented April 30, 2020 B&Q has reopened all of its UK stores from today after implementing new social distancing measures. The DIY retailer said all of its 288 stores were now open following temporary closures when the UK coronavirus lockdown was announced last month. Hardware shops were included on the government’s list of essential retailers that are allowed to [...]
