TGI Friday’s owner shares plunge after revenue sinks amid diners’ tightening purse strings May 26, 2022 TGI Friday’s owner Hostmore’s share price has plummeted almost 15 per cent after the restaurant operator posted subdued revenue versus pre pandemic levels. Hostmore, which also operates the cocktail bar brand 63rd+1st, said like-for-like revenue was six per cent lower than 2019 levels. In a trading update for the 20 weeks ended 22 May, the [...]
Tech giant AGM: Amazon shareholders reject investor-led proposals on workers’ rights May 25, 2022 Amazon shareholders voted down all investor-led proposals at the tech giant’s AGM on Wednesday afternoon. Among the 15 shareholder proposals, rejected resolutions included those critical of the company’s use of plastics and particular concealment agreements in contracts. The $1tn e-commerce giant had pushed back against all of the shareholder proposals, the highest number it has [...]
JD Sports’ chair steps down after City watchdog fine for covert car park meeting May 25, 2022 JD Sports’ executive chairman Peter Cowgill is to step down from his role with immediate effect, the sportswear brand has announced. The London-listed retailer said it had opted to accelerate a separation of the roles of chair and chief executive. Cowgill’s departure follows JD Sports and its rival Footasylum being slapped with fine worth almost [...]
Glossier founder steps down as CEO from $1.8bn Gen-Z beloved beauty firm May 25, 2022 Glossier’s founder is to step down from her role as CEO of the $1.8bn beauty company. Emily Weiss said she will stay on as the company’s executive chairwoman, after founding the business in 2014. In this role, Weiss said she will focus on “supporting our brilliant leaders of creative, brand, product and retail, as they [...]
Nike joins Starbucks and McDonald’s in exiting Russia as it cuts ties with franchisee May 25, 2022 Trainers titan Nike has become the latest US household name to exit Russia, as it confirmed it had not renewed agreements with its largest franchisee there. According to the Vedomosti daily newspaper, Inventive Retail Group (IRG), which oversees Nike’s stores in Russia via the subsidiary Up And Run has confirmed Nike is no longer supplying [...]
Gorillas to double down on UK as half of Berlin team laid off May 25, 2022 Gorillas has been the latest startup to announce a slew of job cuts, with almost 300 staff in the lurch, after Klarna also revealed layoffs earlier this week. The rapid delivery app is to cut around 320 roles at its Berlin headquarters, according to reports from German news site Manager Magazin. “We thoughtfully and carefully [...]
M&S warns cost of living crunch will slow sales growth May 25, 2022 Despite posting hefty profits this morning, the luxury retailer M&S warned against upcoming inflationary headwinds.
End of an era: Watch as McDonald’s golden arches come down in Moscow May 25, 2022 Workers removed the trademark “Golden Arches” sign from a McDonald’s restaurant just north of Moscow. Watch the full video report.
Pets At Home: Owners continue to pamper their pooches despite price hikes May 25, 2022 Pets At Home seem to have braved the doggy dog world of inflation, with the retailer announcing market share wins this morning after revealing customers are spending more than ever on their furry friends.
Hollywood Bowl launches international expansion as it strikes a record revenue May 25, 2022 Hollywood Bowl, the UK’s largest ten-pi bowling operator, has more than bounced back after its pandemic closures, with its revenue exceeding pre-pandemic levels by over a third. The London-listed leisure business snagged a little over £100m in revenue in the six months to 31 March – a new record for the company – and up [...]