Mothercare’s share prices have seen a slight recovery after it drafted in accounting firm KPMG to help it avoid falling into liquidation. KPMG have been appointed by the embattled retailer to help it negotiate waivers on its loan agreements and secure funds to launch a turnaround
Controversial rent-to-own retailer PerfectHome has been ordered to pay £2.1 million back to customers after it was found to have failed to properly assess its customers financial situations. The Financial Conduct Authority (FCA) ruled that PerfectHome’s assessments did not properly consider customers circumstances leading them to issue loans that could not be paid back.
French fashion retailer Lacoste has partnered with the International Union for Conservation of Nature (IUCN) to produce a limited-edition line of its iconic polo shirts. The Lacoste X Save Our Species range of 1775 shirts launched at the end of February in Paris Fashion Week and has already sold out across Europe.
New Look has confirmed that creditors overwhelmingly voted in favour of its company voluntary arrangement (CVA) proposal today, which means up to 980 staff are set to be made redundant and 60 stores will shut down within 12 months time. The CVA – which was first launched as a proposal on March 7 – was approved by 98 per cent of the fashion retailer’s creditors and landlords in a vote today. It will have a duration of three years
Flooring retailer Carpetright has launched a rescue plan as it sells off equity and plans to launch a company voluntary agreement (CVA). Following speculation earlier this week, the struggling retailer announced that it is seeking to secure an insolvency deal allowing it to continue trading while it negotiated rent reductions and debt restructures.
Toys R Us’ UK distribution centre closed today making nearly 100 staff redundant as the failed retailer continues its “orderly wind down”. Joint administrators Simon Thomas and Arron Kendall from Moorfields Advisory announced the closure of the retailer’s site in Coventry.
Sainsbury’s is slashing the prices of 930 everyday grocery products in its stores and online from today. The Big 4 grocery retailer said customers will benefit from lower prices on essential products in both fresh and ambient sections of the store. These include both the retailer’s own-brand food ranges, a number of branded household favourites, and everyday toiletries and household items.
New Look has hired former Topshop digital guru Kate Walmsley as its new ecommerce and digital director. According to Retail Week , Walmsley has already started at New Look and made the move from Warehouse, where she has been customer director since 2016
LK Bennett chief executive Darren Topp is stepping down from his position and will be replaced by former East boss Erica Vilkauls. Vikauls was appointed interim chief executive of East in November, a position she held for less than two months as the fashion retailer fell into administration for the second time in less than three years in January
Inflation came in below analysts’ expectations throughout February in some much-needed good news for the embattled high-street. According to the Office for National Statistics (ONS), the consumer price index measure of inflation dropped to 2.7 per cent in February, down from three per cent in January and below predictions of 2.8 per cent.