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.
Asos has seen its share prices dive 5.3 per cent following a US supreme court ruling that threatens to dent its margins. This morning a ruling which allowed pure-play online retailers to avoid sales tax in the US was overturned by the supreme court, meaning that despite being listed in London states have the right to impose a tax on Asos’ sales.
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
Poundworld was reportedly denied a £4.1 million lifeline before it went into administration after it was unable to secure a cut in business rates. The discount retailer fell into administration last week, putting more than 5000 jobs at risk. Analysis by business rates specialist firm Altus Group has found that Poundworld, which has 335 stores, was unable to claim the money it was owed amid the government revaluation of the property tax in 2017.
BHS’s disgraced auditor Steve Denison reportedly spent just “two hours” working on the company’s file and delegated most of the work to a “junior team”. According to Sky News , an email from the chairman of PwC Kevin Ellis sent to over 1000 partners at the Big 4 auditor details the scale of misconduct carried out by its former employee. Earlier this month the Financial Reporting Council (FRC) slapped Denison with a 15-year reprimand, a personal £325,000 fine, and a further £10 million fine for PwC over his misconduct relating to BHS’s finances, but this was reduced to £6.5 million due to an early settlement
Trouva, the UK-based curated online marketplace for independent bricks-and-mortar retailers, has taken formally launched in Germany in its first step to global expansion today. Just as it does in the UK, Trouva will be offering independent retailers based in Berlin an online customer base through its marketplace, as well as in-store technology such as inventory management software, real-time logistics platform and AI machine learning.
Shoppers are calling for more shops and services on the high street with a majority of them feeling pessimistic about the future of their local shopping district. According to new government research into shopper and retailer sentiment ahead of the Great British High Street Awards 2018, found that 21 per cent of shoppers said there wasn’t enough shops and services on their high street to meet their needs
Ahrendts admitted to doubts about the retail VP opportunity at Apple when she was running fashion label Burberry
Alibaba is aggressively transforming hypermarkets with “New Retail” technology as Chinese retailers continue to out innovate U.S. merchants.