M&S is planning to cut thousands of jobs as a result of the coronavirus pandemic Tolga AKMEN,AFP•August 18, 2020 Marks and Spencer, the British retail chain selling clothes and food, is to cut around 7,000 jobs as the coronavirus pandemic increasingly pushes customers to shop online, it said Tuesday. The job cuts, to be carried... Continue Reading →

The department store chain said the affected branches were "already financially challenged prior to the pandemic", as it confirmed all of them will will remain closed for good John Lewis has confirmed plans to axe eight stores, including its flagship Birmingham and Watford branches, after announcing they were at risk last month. The retailer said... Continue Reading →

By Sahar Nazir -August 12, 2020 Trafford Centre, which is located in Manchester, draws 30 million visitors every year Intu’s Trafford Centre is reportedly seeking a buyer less than two months after the shopping centre owner filed for administration. The UK’s fourth-biggest shopping centre has drafted in PJT Partners and CBRE to oversee the sales process, Sky News reported.... Continue Reading →

Simon malls have 11 Sears and 63 Penney stores, according to a public filing.PHOTO: MARK BLACK/ZUMA PRESS Hookup between Simon Property Group, Amazon would show how retail and logistics are converging more rapidly By Esther Fung and Sebastian HerreraUpdated Aug. 9, 2020 1:40 pm ET Simon Property Group Inc., the biggest mall owner in the U.S., has been in talks with Amazon.com Inc. to... Continue Reading →

House of Fraser owner Mike Ashley has been linked to a deal to seize as many as 30 stores from rival Debenhams. City sources said the billionaire has discussed the matter with senior staff and could make a public statement to clarify the situation as soon as this week. Ashley is the majority owner and... Continue Reading →

If landlords agree to cut rent by up to 50 percent and offer a "rent-free period" of an undisclosed duration, Apple is supposedly offering a considerable lease extension in return. The proposal is understood to relate to stores with several years left to run on their leases, meaning that landlords are not faced with making... Continue Reading →

Travel company TUI has revealed plans to close 166 stores in the UK and Ireland as coronavirus pandemic sinks travel demand. The store closures are expected to affect 900 staff. Around 630 of the affected workers will be moved to a remote sales and service team, while the remaining 270 roles will be cut by... Continue Reading →

The UK retailer, Boots is to cut 4,000 jobs, its parent company Walgreen Boots Alliance has announced, having been badly hit by the coronavirus pandemic and lockdown measures. The company said it will cut around seven per cent of its UK workforce. According to Walgreens, sales at Boots have plunged during the lockdown. “The adverse... Continue Reading →

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The future of Victoria's Secret UK store estate is also dependent on landlords agreeing to readjust its lease terms. Next has reportedly been chosen as the “preferred” UK franchise partner for Victoria’s Secret and has agreed an outline deal to takeover the business on this side of the Atlantic. According to Sky News, Next beat off bidding... Continue Reading →

British online fashion retailer ASOS reported revenue of more than £1 billion in the four months ending June 30, a 10% jump, but its sales in the UK dropped slightly.ASOS' UK sales fell 1.5% — in contrast, UK sales for rival fast-fashion retailer Boohoo jumped 30% in the three months to May 31.ASOS customers have faced longer-than-usual delivery times, "dissuading shoppers... Continue Reading →

According to the business rescue plan, Jet looks to be the jewel in Edcon’s tarnished crown compared with its Edgars chain. TFG’s share price was up over 1% in mid-afternoon trade on Monday, which suggests its investors are broadly supportive. Fashion retailer The Foschini Group (TFG), on the hunt for bargains, has made a R480-million... Continue Reading →

The Covid-19 pandemic has been challenging for drugstores such as Walgreens, as patients put off visiting doctors and other health providers.PHOTO: NAM Y. HUH/ASSOCIATED PRESS Pharmacy chain swings to loss, as drop in customer traffic during coronavirus weighs on demand at Boots stores Walgreens Boots Alliance Inc. said it plans to cut about 4,000 jobs in the U.K.... Continue Reading →

By Sahar Nazir -July 7, 2020 Soletrader will permanently close eight of its 37 stores in the UK // The retailer will shutter eight shops in the UK Soletrader will reportedly shutter eight stores in the UK after its parent company Twinmar Limited placed it into a creditors’ voluntary liquidation. RG Insolvency directors Avner Radomsky and... Continue Reading →

The Swedish group's other brands Weekday, Monki, COS are also expected to be affected by the closures Fashion giant H&M has said it plans to shut 170 of its stores across Europe after accelerating closure plans in the face of coronavirus. The company said that sales dived by a quarter in June as it was... Continue Reading →

JOHANNESBURG (Reuters) - Parts of South African retail chain Edcon are likely to be sold to private equity-backed Retailability Ltd, administrators in charge of its restructuring said. A man walks past a branch of clothing store Edgars, owned by of struggling department store operator, Edcon, during a coronavirus disease (COVID-19) lockdown in Cape Town, South... Continue Reading →

Lucky Brand has joined other retailers in filing for bankruptcy due to the coronavirus pandemic. On Friday, Lucky Brand Dungarees, LLC announced they had filed for Chapter 11 bankruptcy and that the company is looking to sell the business to SPARC Group, operator of Aéropostale and Nautica. The Los Angeles-based denim company is the latest... Continue Reading →

Luxury department store Harrods will axe 672 jobs, following similar cuts by Sir Philip Green's Arcadia Group and the owner of Upper Crust and Caffe Ritazza. Harrods blamed the coronavirus pandemic, which kept its flagship branch in central London closed for three months during the UK lockdown. The business, owned by the Qatar Investment Authority,... Continue Reading →

By DAILY MAIL CITY & FINANCE REPORTER Sainsbury's is under fire over the 'excessive' pay deal handed to its new boss Simon Roberts. Just days after Tesco suffered one of Britain's biggest shareholder revolts over fat-cat pay, its supermarket rival was accused of failing to align executive rewards with the interests of shareholders. Advisory group... Continue Reading →

By Elias Jahshan -June 28, 2020 The Hut Group's board has reportedly not yet made a decision whether the flotation would be conducted in the public or private markets. // The online beauty retail group is in talks about a share sale that could lead to a London flotation // Reports suggest The Hut Group is courting... Continue Reading →

By Sean Poulter Consumer Affairs Editor For The Daily Mail22:08 26 Jun 2020, updated 22:29 26 Jun 2020  The problems at Intu puts more than 100,000 jobs in jeopardy Some of its more famous sites are likely to be sold, while others could be lost forever Some of Britain's biggest shopping centres face closure, which threatens... Continue Reading →

Vote against backing remuneration report casts shadow over soaring sales news Tesco has suffered one of the biggest ever shareholder revolts over executive pay, casting a shadow over a strong sales performance during the coronavirus lockdown. Shareholders representing just over 67% of the stock voted at the retailer’s annual meeting not to back the remuneration report.... Continue Reading →

More than 80 Microsoft stores closed due to the coronavirus pandemic will not reopen19:45 June 27, 2020 Microsoft said Friday it will close all of its stores and move its retail operations online, keeping just four locations and transforming them into "experience centers."Image Credit: AP San Francisco: Microsoft said Friday it will close all of its... Continue Reading →

PUBLISHERReutersPUBLISHEDJUN 25, 2020 2:12AM EDTCREDIT: REUTERS/SIPHIWE SIBEKO South African budget retailer Mr Price on Thursday reported a 10.4% drop in annual earnings due to COVID-19 impairment provisions, and did not declare a final dividend in order to preserve cash. JOHANNESBURG, June 25 (Reuters) - South African budget retailer Mr Price on Thursday reported a 10.4%... Continue Reading →

By a Daily Business reporter | June 21, 2020 JD Sports sent shockwaves through the retail sector with a report that one of the best-performing high street chains intends to appoint administrators for its Go Outdoors’ chain. Go Outdoors, specialising in camping equipment, bikes and clothes, employs about 2,400 staff across 67 stores. It was acquired for... Continue Reading →

 21 June 2020 Consultancy.com.au New Zealand women’s fashion brand Max is currently working with a partner from Australian consultancy McGrath Nicol to restructure its operations. At present, 17 of the company’s stores are lined up for closure, after having virtually no revenue during the Covid-19 lockdown. McGrath Nicol is a specialist advisory and restructuring firm that... Continue Reading →

The owner of the Westfield London White City shopping centre has set out plans to turn the House of Fraser store there into co-working space in a bid to create a more mixed-use destination. The plans are at an early stage but applications have been filed to Hammersmith and Fulham Council to convert around two-thirds... Continue Reading →

Inditex SA plans to invest 2.7 billion euros ($3 billion) to boost e-commerce operations of chains like Zara and Bershka and expand store space to gain an edge on rivals as the pandemic snarls the clothing-retail industry. The Spanish retailer aims to get more than a quarter of its sales from the web by 2022... Continue Reading →

Inditex seeks to boost online retailing as coronavirus causes 44% sales slump Store closures are expected to be concentrated in Asia and Europe, with the UK less heavily affected. The owner of Zara will close as many as 1,200 stores around the world as the clothing retailer tries to boost online sales during the chaos... Continue Reading →

Upmarket lingerie firm Victoria's Secret UK on Friday appointed Deloitte as administrator in a 'light touch' administration. The UK business has 25 leasehold sites and employs over 800 people. Most of the staff were on furlough as at the time of the appointment and no redundancies have been announced. The UK division is part of... Continue Reading →

MANILA - Japanese apparel brand Uniqlo said Tuesday it would soon launch its online store in the Philippines, as more shoppers shift online to ride out the coronavirus pandemic. Launching in the second half, Uniqlo said it was banking on Filipinos' status as one of the world's top mobile internet and social media users. “An... Continue Reading →

An Aldo shoe store on London's Oxford Street. (John Keeble/Getty Images) Canadian shoe retailer Aldo has appointed financial services firm RSM as administrators of its UK division, putting the jobs of employees at its 13 stores in the country at risk. In a statement, Aldo noted the impact of the coronavirus pandemic, pointing to “historic... Continue Reading →

UK fashion brand Jigsaw closed its Australian business on Friday 29 May due to the impact of COVID-19.  The business shuttered its stores across the country and closed its local website, noting that while it is exiting Australia for now it could return in the future.  “It’s time to say goodbye. After many wonderful years,... Continue Reading →

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 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 →

Boohoo Group has fully acquired UK fashion retailer PrettyLittleThing (PLT) for an initial consideration of £269.8m after purchasing the remaining 34% shares from minority shareholders. The initial consideration has the potential to increase to £323.8m if PLT sees its share prices averaging £4.91 per share between the date of completion and 14 March 2024. This... Continue Reading →

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 →

JOHANNESBURG, May 28 (Reuters) - Budget retailer Mr Price is not looking to buy department chain operator Edcon “in part or in whole”, the company said on Thursday, responding to market speculation. Last week, Mr Price said it wanted to raise capital via a share issue at an appropriate time and could use the proceeds... Continue Reading →

Amid the constant tussle between commercial landlords and retailers it is the property owners who are often portrayed as villains. Traditional bugbears such as upward-only rent reviews play their part in this. But retailers also have had to contend with business rates, rises in the national living wage, challengers from overseas and online competition. This... Continue Reading →

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 →

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 →

Clarks, the UK-based shoe retailer, will cull the ranks of its corporate staff by a net 700 people worldwide, including in Asia during the next 18 months. In all, 900 jobs will be lost, the first 160 of which were announced in the UK this week. However by the end of the restructuring process, about... Continue Reading →

The job cuts are part of Clarks' Made To Last" turnaround strategy, which was first launched at the end of last year. // This will consist of 160 immediate redundancies followed by another 700 in the next 18 months // Clarks says the job cuts will be partially balanced by the creation of around 200 new... Continue Reading →

Victoria’s Secret will close 250 stores in the U.S. and Canada, parent company L Brands has announced, in the latest retail casualty of the coronavirus pandemic. The closures will represent nearly a quarter of Victoria’s Secret’s 1,091 locations in North America, and L Brands will also permanently shut down 50 Bath & Body Works in... Continue Reading →

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 →

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 →

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 →

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 →

French Connection was started in 1972 by North London-born Stephen MarksThe business recorded a pre-tax loss of £7.3million in the year to January 31 High street fashion retailers have struggled recently due to online competition Fashion retailer French Connection says its cash reserves could dry up in the coming months if it fails to gain... Continue Reading →