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Tag: general retail

Worrying signs as number of retail casualties rise for first time since 2012

One hundred and eighteen retailers fell into administration last year, marking the first rise in casualties in five years as the sector struggles with rising inflation, wage costs and property taxes.

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Dominic Chappell to appear in court for withholding BHS sale information

The last owner of collapsed department store chain BHS will appear in court today to face accusations of failing to hand over information to an investigation into the sale of retailer. Dominic Chappell was summonsed in August to appear at Brighton Magistrates‘ Court to face three charges of neglecting or refusing to provide information and documents to The Pensions Regulator without a reasonable excuse. The regulator said they requested information from Chappell on three occasions – twice in 2016 and once again last year.






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Mothercare issues profit warning after plummeting Christmas sales

Mothercare has issued a profit warning after a dire performance in in the UK during the run-up to Christmas, with consumer spending falling in both stores and online. The maternity and babywear retailer said UK like-for-like sales plunged 7.2 per cent its third quarter period ending December 30, while online sales tumbled 6.9 per cent.






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Steinhoff’s CFO steps down as investigation deepens

Another key Steinhoff figure has stepped down, spelling further trouble for the embattled retail company as details of accounting irregularities continue to surface. Ben la Grange, Steinhoff’s chief financial officer, left his role on Thursday. He will reportedly now focus on the “finalisation of the company’s audited 2017 consolidated financial statements” as the company – which owns Poundland, Harveys and Bensons for Beds in the UK – scrambles to provide reliable financial reports






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Highest deflation for 9 months in December

December gifted shoppers with the fastest rate of deflation in nine months, following months of shop prices “teetering on the edge of inflation”.






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Steinhoff may restate its 2015 figures as extent of scandal grows

Steinhoff has dealt another blow to investors and creditors this morning warning that its accounts from 2015 may also need to be restated.






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44 shops vanish a week while online companies see tax cuts

Retail experts have called on the government to reform current business rates rules as new research reveals 44 shops vanish a week from the high street. New figures from ratings agency Altus Group have revealed the staggering rate of shop closures. Since the last rates revaluation seven years ago 15,856 shops have been demolished or converted into homes across England and Wales.






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Boxing Day footfall “drop is greater than expected” as confidence wanes

The number of shoppers flocking to UK high streets and shopping centres as they scrambled to secure Boxing Day bargains fell at a rate “greater than expected” this year. According to Springboard footfall fell by 4.5 per cent to 5pm compared to last year, marking the fifth drop in shopper numbers in the last six years. High streets were hit hardest, with footfall dropping 5.8 per cent year-on-year.






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Boxing Day footfall “drop is greater than expected” as confidence wanes

The number of shoppers flocking to UK high streets and shopping centres as they scrambled to secure Boxing Day bargains fell at a rate “greater than expected” this year. According to Springboard footfall fell by 4.5 per cent to 5pm compared to last year, marking the fifth drop in shopper numbers in the last six years. High streets were hit hardest, with footfall dropping 5.8 per cent year-on-year.






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Toys R Us UK rescued from brink of collapse, saving 2500+ jobs

Toys R Us UK has been saved from the brink of collapse after an overwhelming majority of creditors voted in favour of the retailer’s updated restructuring plan, which will save around 2500 jobs. New terms under the company voluntary agreement (CVA) sees Toys R Us agreeing to pay £9.8 million into its pension scheme. This includes £3.8 million in 2018, and a further £6 million over 2019 and 2020






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