Paperchase braced for store closures March 5, 2019 Embattled stationary retailer Paperchase proposed a controversial restructuring process last night, as it became the latest high street chain to opt for store closures amid a swathe of industry-wide challenges. The group, which is set to shut down five of its 145 stores while putting another 23 at risk of closure amid efforts to slash their rent [...]
The high street can be saved if physical shops and online retailers collaborate and use data March 5, 2019 In January, affiliate marketing company Awin released research showing that 39 per cent of Britons wouldn’t really mind if we lost all high street stores altogether, with over a third of respondents saying that they “almost never” shopped there anyway. News stories about high street stalwarts being in the doldrums have become a recurring theme, from [...]
Debenhams issues fresh profit warning as expectations are ‘no longer valid’ March 5, 2019 Debenhams warned this morning that its profit expectations for the current year were "no longer valid", as a combination of increased financing costs and market uncertainties signalled further disruption for the embattled department store chain. The high street retailer has withdrawn its full-year outlook today, saying discussions with stakeholders have "now progressed to include options to [...]
Consumer spending growth slows and retail sales fall on Brexit fears March 4, 2019 Consumer spending growth and retail sales fell last month as households cut back on non-essential items amid fears over Brexit and the UK’s economic prospects. Clothing, department store and hotel spending all contracted in February, according to the latest monthly spend data from Barclaycard. Read more: Retail investors are sitting tight amid Brexit uncertainty Spending [...]
Icelandic carrier Wow Air faces headwinds as it extends deadline for rescue deal March 4, 2019 Iceland’s Wow Air is the latest low cost airline facing severe turbulence, after it has been forced to ask lenders for an extension to negotiate a rescue deal. The carrier, which has faced months of financial difficulties, confirmed it has asked for an extra month to negotiate a rescue deal with US investment company Indigo [...]
Trade body Portman Group cracks down on ‘offensive’ marketing of alcoholic drinks March 4, 2019 UK drinks body Portman Group has urged alcohol brands not to create ‘offensive’ adverts in a bid to crack down on discriminatory marketing in the industry. The trade group has laid out new rules to ensure a drink’s name, packaging and any promotional material does not cause serious or widespread offence, with producers urged to be careful [...]
‘Chicken king’ Boparan to close a third of Giraffe and Ed’s Diner restaurants March 4, 2019 Giraffe and Ed’s Diner have become the latest casualties in the struggling casual dining sector after the restaurant chains’ owner said it will close a third of their branches. The Boparan Restaurant Group (BRG), which is owned by ‘chicken king’ Ranjit Singh Boparan, is widely reported to have entered a company voluntary arrangement (CVA) that will [...]
Mike Ashley’s Sports Direct makes offer for Findel March 4, 2019 Sports Direct tycoon Mike Ashley is looking to continue his retail spending spree after announcing a £139m offer to buy Findel this morning. Sports Direct, which is currently Findel’s largest shareholder, said in a note to the London Stock Exchange that it has offered to purchase the remaining shares in Findel that it does not already [...]
Online gambling firm 888 buys Bet Bright’s sports betting platform for £15m March 4, 2019 Online gambling company 888 has snapped up Bet Bright’s sports betting platform in a deal worth £15m, the company said today. 888 said the deal, which will give it full control over Bet Bright’s technology and product development, will enhance its long-term prospects in the global sports betting market. Read more: 888 goes all in [...]
KFC taps London fintech startup Flux for paperless payments March 4, 2019 KFC has launched a partnership with London fintech startup Flux which will see the US fried chicken chain go paperless. From today, users of digital banks Monzo and Starling, as well as select Barclays customers in the near future, will be able to receive digital itemised receipts for transactions in their banking apps when they [...]
