Oasis and Warehouse shops to never reopen with the loss of 1,800 jobs

Oasis stores won't reopen after the coronavirus lockdown is liftedCredit: Alamy FASHION retailers Oasis and Warehouse stores won't reopen after the coronavirus lockdown is lifted putting more than 1,800 employees out of work.  Administrators were unable to rescue the company behind the brands and blames the "extraordinary challenges" the pandemic has put on the retail... 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 →

South African company charged for inflating prices during COVID-19 lockdown

Dis-Chem Pharmacies Limited, a South African wholesale distributor and retailer of pharmaceutical products, has on Thursday been charged for inflating prices during the COVID-19 national lockdown. The South African Competition Commission has found the company guilty of excessive pricing on essential hygienic goods to the detriment of customers and consumers in contravention of the Competition Act. According... Continue Reading →

British Government Suspends Commercial Evictions

The move comes after trade bodies wrote a letter to Chancellor Rishi Sunak seeking rental support. LONDON, United Kingdom — Britain's government will void legal attempts to evict or force out small retailers and businesses due to non-payment of rent during the coronavirus crises, it said on Thursday. The country's commercial landlords are experiencing a significant... Continue Reading →

Laura Ashley rescued from administration

Gordon Brothers was considering retaining a streamlined portfolio of Laura Ashley retail stores within the UK and Ireland. Laura Ashley has been rescued from administration by global advisory, restructuring and investment firm Gordon Brothers. Gordon Brothers acquired Laura Ashley’s global brand, its archives and related intellectual property from administration. As new owners of the brand,... Continue Reading →

Boots and Matalan among firms targeted over unpaid rents

Commercial property landlords are starting to tighten the screw on retailers including Boots and Matalan for failing to pay overdue rent, in some cases starting legal action to reclaim money they are owed. Boots, which has continued to trade throughout the lockdown, has been criticised with other businesses, including Travelodge, for refusing to pay second quarter rent,... Continue Reading →

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