Shareholders may push Debenhams into administration April 3, 2020 Debenhams is set to plunge into administration as shareholders attempt to keep the historic retailer out of creditors’ hands during the coronavirus outbreak, it is reported. Debenhams is poised to announce its intention to appoint administrators next week, with KPMG in the running, Sky News reported today. Investors could push for the move to prevent [...]
Fuller’s suspends dividend during closure of pub estate April 3, 2020 Fuller’s has suspended its dividend as part of cost-cutting measures during the closure of its entire pub estate amid the coronavirus lockdown. Like a number of firms exposed to the impact of the coronavirus lockdown, the Fuller’s board has decided to preserve further cash and suspend the final dividend. The pub firm said it had [...]
Coronavirus: Sainsbury’s to ease stockpiling restrictions on products April 3, 2020 Sainsbury’s will begin removing coronavirus stockpiling restrictions from its supermarket goods from this Sunday, it said today. The supermarket said a combination of more supply and panic buying measures means there is finally more stock on the shelves, prompting it to ease stockpiling measures. Restrictions are no longer in place on Easter eggs. However, buying [...]
Primark bosses take 50 per cent pay cut over coronavirus April 3, 2020 Primark bosses have taken a 50 per cent pay cut and cancelled bonuses after warning of a huge slump in 2020 profit due to coronavirus. Chief executive Paul Marchant’s base pay will be halved temporarily. George Weston and John Bason, CEO and chief financial officer of Primark owner Associated British Foods (ABF), will also take [...]
UK consumer confidence plunges after deepest quarterly decline on record April 3, 2020 UK consumer confidence in the first quarter of the year fell nine percentage points as the coronavirus pandemic hit home. Confidence in job security fell 15 percentage points from the previous quarter to -20, Deloitte’s consumer tracker showed. Sentiment in the state of the economy fell to -71, with consumers signposting a further three percentage [...]
UK retail sales: Coronavirus triggers worst month on record April 3, 2020 UK retail sales plummeted to the worst levels on record in March as footfall plunged and non-essential stores were forced to close amid the coronavirus pandemic. Like-for-like UK retail sales at physical stores fell by a record 34.1 per cent and total like-for-like sales, both in-store and online combined, fell 17.9 per cent. Lifestyle and [...]
Arcadia furloughs 14,500 staff following coronavirus shutdown April 2, 2020 Retailer Arcadia today said it was furloughing 14,500 of its workers after it shut its stores because of the coronavirus pandemic. The Topshop-owner also said that its board and senior leadership team were taking a salary reduction of between 25 per cent and 50 per cent. Arcadia closed its physical stores two weeks ago as [...]
Amazon wins trademark battle against Davidoff perfume maker April 2, 2020 Amazon has won a legal battle against the cosmetics firm behind Davidoff after the ecommerce giant listed unlicensed bottles of the perfume on its platform. The German arm of Coty, which owns the Davidoff brand, complained that Amazon had infringed its trademark by stocking the perfume from third-party sellers. Coty initially brought the case before [...]
Intu warns tenants over unpaid rent amid coronavirus pandemic April 2, 2020 Embattled retail landlord Intu has threatened to issue statutory demands to tenants that have refused to pay rent during the coronavirus crisis. The shopping centre owner, which revealed last week that it had collected just 29 per cent of the quarterly rent due, said it had “neither the desire or financial capacity” to waive rents [...]
Morrisons hikes staff bonus amid coronavirus crisis April 2, 2020 Morrisons has pledged to reward frontline employees working throughout the coronavirus crisis by increasing annual bonuses three-fold. The supermarket announced today that frontline staff will receive a six per cent bonus on their earnings for the next 12 months, rather than just the next eight to 12 weeks. Morrisons said the changes mean a full-time [...]