H&M shares soar despite profit fall March 29, 2019 Shares in Swedish clothing retailer H&M soared today after it unveiled better-than-expected profit figures for the first quarter. Shares in the Stockholm-listed clothing giant jumped 12 per cent to hit 158 Swedish krona, despite a fall in profit. Pre-tax profit fell for the seventh straight quarter in the three months ending in February, sliding to [...]
‘No justice’: Mike Ashley voices anger as Debenhams thwarts his takeover bid March 29, 2019 Mike Ashley has railed against Debenhams’ move yesterday to thwart his takeover offer, saying “if there were any justice in the world the majority of the advisors would be put in prison”. Read more: Debenhams bondholders back £200m rescue loan in blow to Ashley bid The billionaire owns a 30 per cent stake in the department [...]
Chinese offer comes in for LK Bennett days before administrators set to finalise deal March 28, 2019 A Chinese firm which supplies retailer LK Bennett has weighed in on the fight to buy the chain from administrators, as hopes grow the majority of its workers will retain their jobs. Byland UK, a newly incorporated company, has been set up with the objective of buying LK Bennett, Sky reported. Read more: Footwear chain [...]
Tesco boss accuses business rates system of ‘killing’ retailers March 28, 2019 The chief executive of Tesco, Dave Lewis, has harshly criticised the UK’s business rates system, saying it has become “a rising tax on investment” in a speech today. Lewis said that increasing business rates have come as retailers are squeezed by online competitors, and called for an online sales levy. He brushed off criticism that this [...]
Bondholders back Debenhams for £200m restructuring loan in blow to Mike Ashley bid March 28, 2019 Debenhams moved one step closer to carrying out its major restructuring plan this morning after revealing that it has secured the support of bondholders. In what could be a major blow for retail tycoon Mike Ashley, who is currently mulling his own bid to buy the company and prevent his 30 per cent stake from [...]
DEBATE: Could Mike Ashley be the answer to Debenhams’ woes? March 28, 2019 Could Sports Direct boss Mike Ashley be the answer to Debenhams’ woes? John Phillips, general manager (EMEA) of Zuora, says YES. Reversing the fortunes of Debenhams would provide any new boss with a challenge – it is in dire need of modernisation. But Mike Ashley could well be the right man for the job. He has [...]
Topshop owner Philip Green makes list of stores he wants to abandon March 28, 2019 Embattled retail boss Sir Philip Green is reportedly looking to sever his ties with as many as 67 Arcadia stores in a bid to save the troubled fashion firm. According to reports in today’s FT, a swathe of high street and shopping centre stores under Green’s Arcadia group – which includes Topshop and Dorothy Perkins [...]
Footwear chain Dune tables offer to save struggling retailer LK Bennett March 27, 2019 Footwear chain the Dune Group has tabled an offer for LK Bennett as the struggling fashion retailer’s administrators prepare to select a buyer. Dune, which operates 40 standalone stores and 175 concessions in the UK, was one of a handful of potential buyers to submit final bids earlier this week, Sky News reported. Read more: [...]
UK retail sales see biggest contraction in 17 months, says CBI March 27, 2019 UK retail sales volumes fell sharply in March, seeing the fastest contraction in 17 months and marking a four-month run in which sales have not grown, a leading business group said today. Of the businesses surveyed by the Confederation of British Industry (CBI), 46 per cent said sales volumes were lower in March than a [...]
Drawing a crowd: Tate Modern pips British Museum to the post as UK’s most popular visitor attraction March 27, 2019 Tate Modern has knocked the British Museum off the top spot of the UK’s most popular visitor attractions, which it has occupied for a decade. The British Museum welcomed 5.82m visitors through its doors last year, while Tate Modern overtook it with 5.87m people – an increase of 3.7 per cent on 2017. Read more: [...]