Dave Lewis gets £6.42m pay package – ‘every little helps’

Dave Lewis, the chief executive of Tesco has been handed a £6.42 million pay package, the highest annual pay packet for an executive, since the departure of Sir Terry Leahy in 2011. Lewis received a £2.4 million annual cash bonus and another £2.4 million long-term share bonus on top of £1.6 million in basic salary... Continue Reading →

Footwear retail chain Aldo files for bankruptcy; no impact on India ops

Updated : May 11, 2020 11:28 PM IST Footwear retailer Aldo last week filed for bankruptcy protection in its home country Canada.It said the coronavirus pandemic had put “too much pressure” on its business and cash flows. Footwear retail chain Aldo last week filed for bankruptcy protection in its home country Canada, saying the coronavirus pandemic... 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 →

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 →

Debenhams to cut 320 store management jobs

Department store group Debenhams is planning to cut 320 store management jobs as it tries to drive down costs. The retailer said last month it was stepping up cost-cutting plans after it issued a profit warning following disappointing trading over Christmas. Many traditional retailers are struggling to cope the challenge of the shift towards shopping... Continue Reading →

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