House of Fraser landlords, lawyers and property advisers slam ‘disappointing’ CVA vote June 22, 2018 Landlords have been left disappointed after House of Fraser's CVA was passed today, with some even considering legal action. Creditors threw a lifeline to the department store chain by approving rescue plans that will result in half of the retailer's sites being closed. Possible legal challenge Two advisers to a group of the affected landlords [...]
Pure Gym buys Soho Gyms to bulk up London presence June 22, 2018 Pure Gym has snapped up the 10-strong London Soho Gyms chain and will convert all the branches to the Pure format. The addition of the Soho portfolio, which includes sites at Tower Hill and Farringdon, will bring the number of Pure sites in London up to 59. Pure charges significantly less than Soho, with a [...]
House of Fraser closure vote looms as politicians fear jobs cuts and end to iconic stores June 21, 2018 Politicians and landlords fear thousands of job losses and the death of beloved high street stores ahead of House of Fraser’s vote on store closures tomorrow. The struggling retailer’s creditors will decide tomorrow whether to approve a company voluntary arrangement (CVA), which will result in 31 of the 59 House of Fraser stores closing down. [...]
Ocado shares rise as it is dubbed the ‘Microsoft of retail’ June 20, 2018 Shares in online grocer Ocado climbed more than six per cent in early trading today, after a broker called it the "Microsoft of retail". The newest entrant to the FTSE 100 was the top riser this morning, leading the way in the All-Share index as well as the blue-chip benchmark. The boost came after analysts [...]
Ocado shares rise as it is dubbed the ‘Microsoft of retail’ June 20, 2018 Shares in online grocer Ocado climbed more than six per cent in early trading today, after a broker called it the "Microsoft of retail". The newest entrant to the FTSE 100 was the top riser this morning, leading the way in the All-Share index as well as the blue-chip benchmark. The boost came after analysts [...]
Why Debenhams has had three profit warnings in a year and could Mike Ashley help? June 20, 2018 City grandee Crispin Odey, whose hedge fund holds a short position in Debenhams, said last year that the retailer was in a race with House of Fraser “as to who will go down first”. While House of Fraser’s fate will be sealed at its CVA on Friday, Debenhams’ future looks dark, with the embattled department [...]
London restaurants Albion, Parabola and Lutyens close as Sir Terence Conran and Peter Prescott venture folds June 20, 2018 Another string of restaurants in London have closed after the company Prescott & Conran went into administration. Albion, a British cuisine restaurant in Clerkenwell, closed today, as did Lutyens in Fleet Street and Parabola in Kensington. Another restaurant in the portfolio, Covent Garden's Les Deux Salons, closed in March. Today Duff & Phelps announced that [...]
Dixons Carphone expects profit loss to deepen data breach woes June 17, 2018 Dixons Carphone is bracing itself for plummeting pre-tax profits this week, as it continues to investigate a devastating data breach that compromised customers' personal information. The retailer expects a 23 per cent drop in pre-tax profits to £382m when it announces its preliminary results for 2017-18 on Thursday, citing UK mobile market constraints and tight [...]
M&S fashion brands are under threat as the struggling retailer looks to cut costs June 17, 2018 Marks & Spencer could abandon its once flagship womenswear brand as the retailer’s crisis deepens. Per Una, which generated roughly £750m for the floundering high street giant at its peak, is now one of several brands to be put under review by chief executive Steve Rowe as the company looks to cut costs. The fashion [...]
Iceland Food rules out deal with Amazon as Food Warehouse attracts new customers June 15, 2018 Iceland's boss has ruled out a deal with Amazon, telling Morning Wire that "we don't want anything to do with them". The retailer reported steady sales growth this morning, as it eyes expansion into sites left vacant by the recent wave of store closures and grows its online business. But managing director Tarsem Dhaliwal said [...]