Cineworld to file for administration and suspend London listing in restructuring overhaul June 26, 2023 Cineworld is set to file for administration and suspend trading on the London Stock Exchange next month as part of a major bankruptcy restructuring plan, the firm revealed today.
Primark owner ABF thanks sunny spells, digital push and inflation for 13 per cent sales hike June 26, 2023 Primark owner Associated British Foods (ABF), has credited warm weather and a revamp of the affordable fashion brands website for a 13 per cent rise in sales – hiking its share price 0.61 per cent when markets opened this morning. The retail giant which also brand such as Twinings, said like for like sales grew [...]
Whole Foods: Inflation takes bite out of Amazon owned grocery store June 25, 2023 The Amazon-owned UK division of Whole Foods has seen a rapid decline in earnings for the year as soaring inflation makes Brits hesitant to fork out on its pricey goods. Whole Foods UK reported operating losses of £26.9m up from £17.2m the prior year and its sales also fell to £91.6m down from £94.3m. Amazon [...]
Fast-growing logistics outfit Shift to pick up pieces of Tuffnells June 25, 2023 An up and coming logistics firm is understood to have snapped up pieces of delivery giant Tuffnells Parcel Express, following its collapse earlier this month placing 2,000 jobs at risk. Shift, which was launched five years ago by 29 year old Jacob Corlett has acquired the brand and intellectual property of the British delivery service, [...]
Profiteering? Supermarkets to face Parliamentary grilling this week June 25, 2023 Supermarket bosses will be probed this week on whether or not they are profiteering from high prices. Lead figures from UK ‘Big four’ grocers, including Morrison’s boss David Potts, will face questions from MPs on Tuesday on red hot food and fuel prices, and when customers might see price falls. Sainsbury’s’ food commercial director, Tesco’s [...]
Ex Asda boss: Cutting prices for cash-strapped Brits is ‘very important’ after Sunuk plea June 23, 2023 Supermarkets regard cutting prices as “very important”, according to a former boss of Asda, after the Prime Minister warned retailers about pricing “responsibly and fairly”. Andy Clarke, who served as Asda’s chief executive officer between 2010 and 2016, said the big chains were “heavily focused” on competitive pricing as the industry hit back over suggestions [...]
Lidl gets injunction over Tesco trademark infringement – and it could cost UK’s biggest grocer £8m June 23, 2023 German-owned discount supermarket Lidl can have an injunction to stop rival Tesco copying its logo, London’s High Court has ruled, despite hearing it will cost Tesco nearly £8m pounds to remove them all. Britain’s biggest retailer Tesco in April lost a trademark lawsuit brought by Lidl after Tesco adopted a yellow circle against a blue [...]
Soaring inflation forces Brits to tighten belts on groceries as summer clothes, DIY and fuel sales pick up June 23, 2023 Brits are still splashing the cash amid soaring inflation, with retail sales estimated to have increased by 0.3 per cent last month off the back of non-food splurging. The main driver of sales was online, with non-store selling volumes up by 2.3 per cent, while food store sales were down by half of one per [...]
Boohoo drafts in former THG chief as it steams ahead with Revolution coup June 22, 2023 Boohoo has drafted in the former head of cosmetics from THG as it doubles down on its attempted boardroom coup at Revolution Beauty. Tensions between the fast fashion giant and troubled makeup brand have been brewing for the past week, after Boohoo, which holds a 26.6 per cent stake in Revolution, said it would vote [...]
Morrisons loyalty scheme helps hike sales to £3.7bn June 22, 2023 Morrisons has recorded a 0.9 per cent decline in group revenues, blaming a slowdown in sales across its petrol stations. During the quarter, its total sales excluding its fuel offering rose by 3.1 per cent to £3.7bn, and sales across its wholesale channel were also up 20 per cent. The former ‘Big Four’ grocery, which [...]