House of Fraser creditors have voted in favour of proposals laid out in its CVA, which will see the closure of more than half of its store estate and potentially 6000 job cuts. The CVA, which was first launched on June 6, includes plans to close 31 of House of Fraser’s 59 UK and Ireland stores and cull up to 2000 directly-employed staff and a further 4000 across brands and concessions
Cake Box’s initial public offering (IPO) is set to see its founders gain £17 million, with none of the funds raised being reinvested into the business. The egg-free desserts specialist will be worth around £43 million when it enters the Alternative Investments Market (AIM) next week.
Bossa Nova Robotics raised an additional $29 million, bringing its total to $70 million after Walmart expanded the technology to more stores.
Aldi is eyeing up new large central London sites for the first time and could target properties to be left vacant by Mothercare, Maplin and Poundworld. According to Property Week, Aldi is planning to open numerous stores across zone 1 for the first time, as well as expanding its presence in zone 2. Although it’s thought Aldi has no intentions of launching a smaller convenience store format, it will consider store spaces of around 8000sq ft, far smaller than its usual 15,000sq ft average.
The £1.4 billion development of Brent Cross Shopping Centre, which is set to see the site double in size, will now be delayed by six months. Building work, which was due to start next month, has now been delayed by six months and will now start in January 2019. The proposed development, which will introduce 200 new retail stores to the centre, required a 370 acre compulsory purchase order to go ahead
Chanel has posted its financial figures for the first time in its 118-year history, revealing a double-digit sales rise for the past year. The iconic luxury fashion brand saw sales jump 11 per cent year-on-year in 2017 to $9.62 billion (£7.24 million). Operating profits came in at $2.69 billion (£2 billion), driven by huge growth in the Asia-Pacific markets, which saw sales rise 16.5 per cent