Mike Ashley’s Frasers Group cuts executive pay amid coronavirus crisis April 1, 2020 Mike Ashley’s Frasers Group, formerly known as Sports Direct, has reportedly agreed to cut executive pay in order to continue to pay shop floor staff during the coronavirus crisis. Members of the retailer’s senior management team have agreed to reduce their basic pay to a maximum of £40,000 per year from May. The reduction will [...]
Morrisons wins legal case over data breach liability April 1, 2020 The UK’s highest court has ruled that Morrisons is not legally liable for the actions of a disgruntled former employee who leaked the data of more than 100,000 workers. Supreme Court judge Lord Reed ruled this morning that the supermarket was not vicariously liable for the conduct of Andrew Skelton, who was jailed in 2015 [...]
English winemaker Chapel Down toasts surge in sales due to coronavirus lockdown April 1, 2020 British beer and wine producer Chapel Down has toasted a surge in supermarket sales as consumers stock up during the coronavirus lockdown. Supermarket and off licence sales have grown “substantially” and online transactions have also increased after the government ordered all pubs, theatres and hospitality venues to close in a bid to stop the spread [...]
High street prices fall at fastest pace in two years April 1, 2020 Prices on the British high street fell at their fastest pace in nearly two years, and the coronavirus outbreak will only add to price pressures, according to an industry body. Shop prices fell by 0.8 per cent in the first week of March, the biggest fall since May 2018, following a 0.6 per cent decline [...]
Laura Ashley’s administrators make 268 staff redundant and furlough 1,700 March 31, 2020 The administrators of Laura Ashley said today they had made 268 staff redundant and placed 1,669 on furlough. The staff being made redundant are drawn from across head office and back office functions. The administrators said they were in continued discussions with interested parties over a sale of the business. Rob Lewis and Zelf Hussain [...]
Coronavirus: Debenhams seeks landlord support for new restructuring plan March 31, 2020 Embattled department store Debenhams is reportedly in urgent talks over a further restructuring plan that could involve more store closures. The high street chain has ramped up discussions with landlords due to the coronavirus outbreak. Debenhams’ lenders, which took control of the retailer last year, are unwilling to provide further funding without landlords agreeing to [...]
Retail landlord New River suffers drop in rent payments due to coronavirus March 31, 2020 Retail landlord New River received 60 per cent of its quarterly rent due this month as tenants were forced to close due to the coronavirus outbreak. The shopping centre owner said it was working with occupiers that had not yet paid to recover late payments or agree alternative solutions such as deferment or transition to [...]
Coronavirus: Aldi, Morrisons and Waitrose ease stockpiling restrictions March 31, 2020 Supermarkets have begun to ease restrictions on the number of productions shoppers can purchase as availability has improved following a spike in coronavirus-related stockpiling. All major UK supermarkets were forced to limit the number of items customers could buy earlier this month, to combat an increase in panic buying. Aldi announced this morning that, while [...]
Coronavirus: Tesco adds 100,000 online delivery and collect slots March 31, 2020 Tesco has boosted the number of online delivery and click and collect slots by more than 100,000 as the supermarket scrambles to meet an “unprecedented” surge in demand during the coronavirus crisis. The grocer today said it has increased capacity from 660,000 slots two weeks ago to 780,000 this week. And it plans to add [...]
Imperial Brands and British American Tobacco sign deals for new credit March 31, 2020 Imperial Brands and British American Tobacco (BAT) have announced deals for new credit but say the pandemic has had little material effect on business. Imperial Brands announced a €3.5bn (£3.13bn) multi-currency revolving credit facility (RCF). The credit line has an initial three-year term that could be extended bi-annually. BAT separately said it had priced an [...]
