Toys R Us’ US arm has announced that it will close all 885 of its stores jeopardizing more than 30,000 jobs. After it filed for bankruptcy late last year, the US toy giant has failed to secure a buyer and was already in the process of shuttering 20 per cent of its store estate. The retailer has since failed to find funds to meet debt deadlines and will now close entirely
London based online luxury fashion retailer Farfetch is poised to make an initial public offering (IPO) as it hires US banks to lead the process. According to the Financial Times, Farfetch has hired bankers from JPMorgan and Goldman Sachs to take the company public. Its estimated market value stands at £4 billion, close to that of high street stalwart Marks & Spencer
Retail industry leaders have come together to form a new Retail Sector Council that aims to drive growth and guide it through the changes it is facing. It will be co-chaired by British Retail Consortium (BRC) chairman Richard Pennycook as well as Conservative MP and member of the Department for Business, Energy and Industrial Strategy (BEIS) Andrew Griffiths. The newly-formed council will work to address issues like productivity, skills shortages and adapting to changing consumer behavior
Sainsbury’s has been accused by Labour MP Siobhain McDonagh of using the recently announced staff pay rises as a “smokescreen” to cut benefits.
Debenhams has inked a concession deal with French interiors brand Maisons du Monde as part of the retailer’s efforts to revamp trading in its turnaround scheme.
TM Lewin has appointed New Look’s former international managing director Sven Gaede as its new chief executive. This means Geoff Quinn, who has been chief executive since 1993, will become chairman and continue to be an active board member of the menswear retailer
Shares in Mothercare have taken a hit after the retailer today warned downgraded its profits forecast and requested a waiver of certain financial covenants. The maternity and baby good retailer, which issued a profit warning amid its Christmas update in January and widening losses in its half-year report in November, said trading had been in line with expectations since the start of the year – but admitted the market was “challenging”. While the firm expected net debt by the end of its fiscal year to be “slightly better” than the £50 million previously guided, it downgraded its adjusted group profit before tax forecast to the lower end of the previously guided range of £1 million to £5 million.
Shares in Mothercare have taken a hit after the retailer today warned downgraded its profits forecast and requested a waiver of certain financial covenants. The maternity and baby good retailer, which issued a profit warning amid its Christmas update in January and widening losses in its half-year report in November, said trading had been in line with expectations since the start of the year – but admitted the market was “challenging”.
The UK’s largest music equipment retailer Gear4Music has seen a massive sales rise amid its full year results, driven by international sales growth. In the 12 months to February 28, Gear4Music enjoyed a 43 per cent rise in total sales to £80.1 million
Dixons Carphone has reportedly offered a lifeline to staff at rival retailer Maplin, whose future is up in the air after it filed for administration on Wednesday. Dixons Carphone chief executive Sebastian James told BBC News that he was “really sorry” to hear about Maplin’s downfall and hinted that his company may be open to poaching some of its staff should the worse come to worst