Things are tough in retail right now. Administrations, Amazon, CX, AI, a weak pound… it’s a lot
Debenhams has placed hundreds of jobs in redundancy consultation amid a major cost cutting drive, as rumours about a possible takeover continue to circle. The embattled department store’s redundancy talks are expected to result in around 90 staff losing their jobs across its fashion and home departments, stripping out layers of management. “We announced our intention to restructure our organisation around three business units: beauty and beauty services, fashion and home, and food and events earlier this year,” Debenhams said in a statement.
CNBC looked at those retail stocks within the S&P 500 Retail ETF and found 79 out of 89 of those companies to have market caps of less than $28 billion.
Retail sales in July trounced analysts’ expectations thanks to the hot weather and tail end of the World Cup. According to new figures from the Office for National Statistics, retail sales grew 0.7 per cent in July, well above expectations of a 0.2 per cent rise and a marked improvement on June’s 0.5 per cent decrease.
AQ/AQ founder Julie Lingard has filed a notice to creditors to continue trading her business, despite filing for insolvency in July. Lingard was the managing director of AQ/AQ when it appointed liquidators on July 4
By nearly all accounts, it was a banner quarter for the retail giant, which reported that e-commerce sales grew 40%.
Sales rose 7.4 per cent for Fat Face in its full year to June 2, despite tough high street trading conditions and unseasonal weather skewing consumer buying habits. In the 52 weeks to June, sales increased to £238.4 million, representing a like-for-like growth of 4.9 per cent across the chain. Online sales, which make up 20 per cent of Fat Face’s revenue, were up 11.8 per cent year-on-year
Former Co-operative Group executive Sam Walker has alleged she was sacked from the business after she raised concerns over equal pay, according to a report by the Guardian . Walker was appointed chief human resources officer in February 2014, and first raised concerns about equal pay in 2015 after comparing her salary to other male executives who sat alongside her on the board. She was sacked the next year
House of Fraser paid £1 million to landlords in an out-of-court settlement for them to drop the legal challenge to its controversial CVA. According to Drapers , a “sweetheart” deal between the embattled department store and five landlords was reached, which saw them receive £200,000 each just days before it officially entered administration. Landlords are understood to have received £20,000 upfront and will receive a further £180,000 when the CVA was completed.
Some of the UK’s biggest retail organisations have signed up to “Purple Tuesday”, an initiative designed to make shopping more inclusive for disabled people. Purple Tuesday will be launched on November 13 at the start of the busy Christmas shopping period and will offer retailers training kits for their staff and make both their stores and websites more accessible. The project, co-ordinated by disability organisation Purple, has been endorsed by the government and leading retailers including Argos, Asda, Marks & Spencer and Sainsbury’s have pledged their support