Virgin Media to disappear from UK high street as all 50 stores will not reopen once lockdown ends

Virgin Media is to disappear from the high street after deciding its network of more than 50 retail stores will stay shut once the coronavirus pandemic lockdown ends. The cable and TV company, which operates 53 stores in the UK, is offering the 341 affected staff the opportunity to move to newly created roles. About... Continue Reading →

Debenhams to cut hundreds of head office jobs amid reopening plans

Debenhams was already struggling before the lockdown, having fallen into administration on April 9 in a protective measure against creditors demanding their money. (Image: PA Wires) Debenhams is set to cut hundreds of head office jobs as it plans to reopen following lockdown, the department store has confirmed. The retailer, which is in administration for... Continue Reading →

Monsoon Accessorize on brink of administration

High street retailer Monsoon Accessorize is on the brink of administration, having suffered from the impacts of the ongoing coronavirus crisis.  The business is preparing to file a notice of intention to appoint administrators as soon as tomorrow. Advisory firm FRP Advisory is lined up to handle the process.  Drapers understands various parties have already shown... Continue Reading →

Why Bankrupt JCPenney Just Launched a New Brand

As it undergoes bankruptcy proceedings, JCPenney has added a new label to its brand arsenal. The company announced yesterday the debut of Linden Street, a bedding collection that marks a “significant enhancement to its home merchandise division.” The launch comes less than two weeks after the retailer filed for Chapter 11 protection, aimed at allowing it to develop a restructuring... Continue Reading →

Pepkor in talks with banks about new debt terms

Reducing debt remains its objective even if it does not take place quickly, CFO says A Pep store in Balfour Shopping Mall, Johannesburg. Picture: WALDO SWIEGERS  Pepkor will miss its debt reduction targets due to the coronavirus-induced economic contagion, the latest company showing signs of distress as it stares down the barrel of one of... Continue Reading →

RETAILER EDCON CAN BE SAVED, ADMINISTRATORS SAY

The administrators told creditors that Edcon could be saved because it had 'valuable brands and market position that can possibly be preserved through business rescue'. Reuters | about 2 hours ago JOHANNESBURG - Administrators in charge of South Africa’s Edcon believe there is a reasonable chance of saving the retailer after it filed for a form of... Continue Reading →

Pier 1 Will Close All Stores After 58 Years of Business

Once store locations can reopen, in compliance with COVID-19 guidelines from local government and health officials, Pier 1 Imports plans to liquidate all of its remaining stores. BY KELLY CORBETTMay 19, 2020 The last we heard from home goods chain Pier 1 Imports was in February when the retailer filed for Chapter 11 bankruptcy and announced it would shutter... Continue Reading →

Sephora Is Reopening and Making Some Serious Changes

More than two months after the company closed all of its retail locations, Sephora’s reopening is beginning—at least in some states. Starting May 22, Sephora will start a phased reopening as states allow non-essential businesses to open their doors. The company is starting with 70 stores in 13 states, including Colorado, Indiana, Kansas, South Carolina, South Dakota,... Continue Reading →

Antler crashes into administration

164 of its 199 employees have already been made redundant, KPMG saidAntler expected to shut down its 18 stores KPMG plans to trade the business in administration through online channels Suitcase maker Antler has gone into administration after sales were hit hard by store closures and travel restrictions in the wake of the coronavirus crisis.... Continue Reading →

Marks & Spencer suffers credit rating downgrade ahead of its full-year results

The British retailer will unveil its full-year results on Wednesday, with the retailer coming under scrutiny for its Covid-19 response after it joins list of ‘junk’ investments by Standard & Poor’s.SharesRetailMarks & SpencerMorgan StanleyUnited Kingdo Marks & Spencer (M&S) will unveil its full-year results on Wednesday, with the retailer coming under scrutiny for its Covid-19 response... Continue Reading →

Shoprite joins Pick n Pay in dropping exclusivity clauses in mall leases

JOHANNESBURG (Reuters) - Shoprite Holdings on Wednesday joined Pick n Pay in agreeing to drop exclusivity clauses in shopping mall leases against small and speciality retailers with immediate effect. Shoppers leave the Shoprite store in Daveyton, South Africa May 23, 2018. REUTERS/Siphiwe Sibeko/File Photo Supermarket chain Shoprite will also immediately cease exclusivity against other supermarkets... Continue Reading →

WH Smith suffers 85% fall in sales

Sales at WH Smith crashed by 85 per cent last month as travel restrictions crushed its airport and railways business and the lockdown led to the closure of most of its high street shops. The retailer said that sales in its travel business plummeted by 91 per cent in April as most of its 807... Continue Reading →

Sephora to stay with J.C. Penney

Both J.C. Penney and Sephora have now patched up their differences and both have reaffirmed their partnership moving forwards. A conflict of interest was initiated after Sephora threatened to end its current contract with Penney early and close its in-store shops in Penney stores. Sephora is Penney’s only beauty partner and boasts approximately six hundred... Continue Reading →

We’re in for our hardest year ever – boring shops won’t survive’: Selfridges boss’s warning as department store opens Foodhall and cuts its dividend

Anne Pitcher, the Selfridges managing director who has spent a lifetime working in shops, replies bluntly when asked how it felt to turn the lights out and pull up the shutters on Oxford Street's most iconic store. 'Awful,' she says, describing herself as 'never happier than when I'm on the shop floor'. 'The day we... Continue Reading →

Lululemon have opened largest Hong Kong Store

The Canadian athletic apparel and accessories maker has now opened a 5,590 sq ft retail space, in Harbour City. Customers are encouraged to discover the brand’s extensive collection of workout apparel, ranging from yoga to running, and more, for both women and men.  The store opening marks Lululemon’s seventh retail location – and largest –... Continue Reading →

Selfridges reopens London food hall

Selfridges was one of the first UK retailers to temporarily close its stores amid the coronavirus crisis. Selfridges has reopened its food hall at its London flagship, but the rest of the store and its other sites in Manchester and Birmingham remain closed as the lockdown continues. As food retailers are considered essential and can... Continue Reading →

Charles Tyrwhitt mulls TM Lewin takeover

TM Lewin, founded in 1989 on London's Jermyn Street, trades from 66 stores in the UK and five in Australia. Charles Tyrwhitt is reporting mulling a takeover of rival retailer TM Lewin after its owners put the business up for sale last month. According to Sky News, Charles Tyrwhitt is among a number of parties which... Continue Reading →

Companies going bust: Edcon throws in the towel

A day after state-owned regional airline SA Express announced it had been placed in provisional liquidation, the country’s largest non-food retailer, Edcon, announced it had applied for voluntary business rescue. Landlords, lenders and the PIC are the biggest losers.  This will have a material impact on the firm’s 14,000 permanent employees, 25,000 temporary staff, 750 suppliers... Continue Reading →

Poundstretcher store closures likely as KPMG is drafted in

The discount retailer has hired KPMG advisers to review options and strengthen its balance sheet Poundstretcher has reportedly drafted in KPMG advisers to begin a review of the business’ finances amid the coronavirus pandemic. The discount retailer has hired advisers to review options and strengthen its balance sheet, Sky News reported. In its latest accounts, Poundstretcher warned... Continue Reading →

UK High street closures in 2019 and 2020

In 2019 and so far in 2020 we've seen: Forever21 close 350 stores with its UK branches also at riskJamie Oliver's "Jamie's Italian"chain go bust, alongside his Fifteen and Barbecoa restaurantsLinks of London go into administration putting 350 jobs at riskMarks and Spencer close 35 more stores as it pushes forward with plans to axe... Continue Reading →

Debenhams to shut four more stores after lockdown

The locations of the affected branches are Southampton, Swindon, Kidderminster and Borehamwood. These closures will mean 239 jobs are lost. Just a week ago the chain confirmed it wouldn't reopen seven UK stores after lockdown. These seven are located in Truro, Stratford-Upon-Avon, Salisbury, Westfield in west London, Warrington, Leamington Spa and South Shields.null The latest closure... Continue Reading →

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