New Look slapped with fresh downgrade as Moody’s casts doubt over restructuring plan January 17, 2019 Moody’s, the influential ratings agency, has downgraded New Look’s senior secured notes rating, just days after the retailer unveiled a restructuring deal aimed at cutting its debts by £1bn. On Monday, New Look agreed a debt-for-equity swap proposal to reduce debt from £1.35bn to £350m, and also announced a £150m capital raise through the issuing [...]
Littlewoods and Very owner Shop Direct enjoys Christmas sales bounce January 14, 2019 Very and Littlewoods operator Shop Direct saw a rise in revenues over the festive period, as Black Friday discounts and Christmas shopping boosted sales. Revenue climbed 3.7 per cent year-on-year for the seven weeks to 28 December, with clothing and footwear seeing a particular bounce, rising eight per cent at group level. Very, the company’s [...]
New Look aims to cut debt by £1bn in restructuring plan January 14, 2019 New Look will cut debt by £1bn as part of a restructuring deal agreed with investors, the fashion retailer announced this morning. The company has agreed a debt-for-equity swap proposal to reduce debt from £1.35bn to £350m. The firm also announced a new capital raise of £150m through the issuing of new bonds. The firm [...]
Fears over business rates mount as Britain’s major retailers prepare to form action group January 13, 2019 Some of Britain’s biggest retailers are coming together in an urgent bid to seek business rates relief from the government, Morning Wire has learned. Around 50 major high street names are joining a mass lobbying effort to curb forthcoming rises in their property tax, as profits plunge in the face of falling sales and online [...]
Revealed: The high street retailers that collapsed in 2018 January 7, 2019 To many analysts, 2018 was seen as the year the death knell was sounded for the high street, with the number of retailers falling into administration rising for the second year in a row, according to Deloitte. A total of 125 retailers collapsed last year and there was a 53 per cent increase in Company [...]
Consumer spending falls in October as shoppers continue to abandon the high street November 13, 2018 UK consumer spending dipped in October after having risen for two months, with an e-commerce rebound propping up a two per cent fall in face-to-face sales. Expenditure has fallen in six of 10 months so far this year, adding to a cocktail of concerns for bricks-and-mortar retailers, according to Visa UK Consumer Spending Index data [...]
Thousands of stores fall off high street as retail woes worsen November 9, 2018 Fresh evidence of the retail woes facing Britain’s shopkeepers emerged this morning, with more than 2,500 stores vanishing from the high street over the first six months of this year. Some 14 stores have closed every day in the first half of 2018, as stiffer competition and higher costs make the retail struggle for survival [...]
Cost cutting helps New Look slow decline in like-for-like sales after China exit November 6, 2018 Retailer New Look slowed its decline in like-for-like sales amid challenging conditions on the high street, it said this morning. The company has said it will consider its position in markets abroad following a decision to pull out of China by the end of the year. In the UK, New Look is closing 85 stores, [...]
Industry heavyweights from Barclays, RBS and Coutts back new personal investment robo-adviser Pia October 22, 2018 Big-name former executives from institutions such as Barclays, HSBC and Coutts are behind a new startup aiming to help consumers navigate the world of investing. Pia, an online "personal investment assistant" scheduled to begin its launch in summer, counts advisory board members such as T Rowe Price Global Investment Services' former chief executive Todd Ruppert, [...]
New Look confirms China exit plans October 18, 2018 Fashion chain New Look confirmed today that it was planning on pulling the plug on its operation in China. The company said it has been gradually reducing its number of stores and now intends to close its remaining 120 stores in the country by the end of December 2018. Its Shanghai head office will close [...]