Clothing & Shoes
The latest news, updates and analysis on the clothing and shoes segment of the the UK retail industry. Sign up to the Daily Briefing and let Retail Sector’s business journalists keep you in the picture.
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Apr- 2020 -21 April
Joules adds £15m to existing debt facility
British lifestyle brand Joules has announced it has successfully agreed to add £15m to an existing credit facility with Barclays Bank, due to the coronavirus crisis. The retailer also said it has taken a “significant” number of mitigating actions to conserve cash throughout this period of significant “global macroeconomic uncertainty”.…
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9 April
H&M signs new £859m credit facility to strengthen liquidity amid Covid-19
Swedish clothing retailer H&M has revealed it has signed a new €980m (£859m) revolving credit facility as it looks to strengthen its liquidity amid the coronavirus outbreak. H&M said it is a 12 month deal with a six months extension option and is in addition to the company’s undrawn €700m…
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7 April
Clarks confirms ‘small number’ of permanent closures
Footwear retailer Clarks has confirmed it is to close a “small number of stores’ following a review of its store estate. The permanent closures are said to be unrelated to the current coronavirus pandemic, with the stores selected from its 367 strong portfolio already chosen due to having leases set…
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3 April
Arcadia bosses to face 50% pay cuts as 14,500 staff furloughed
Philip Green’s Arcadia Group has announced it has placed 14,500 members of staff on government furlough and has revealed its executive team will take a salary reduction of up to 50%. The group, which closed its stores around two weeks ago, said it “remains unclear” how long these closures will…
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3 April
Primark execs take 50% pay cut
Primark bosses have revealed that they will slash their pay in half in light of the ongoing coronavirus crisis. George Weston, chief executive of parent group Associated British Foods, and finance director John Bason have both requested that their base pay be reduced by 50% on a temporary basis. Paul…
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1 April
Laura Ashley administrators axe 268 staff, 1669 furloughed
The joint administrators appointed to Laura Ashley revealed they have made 268 members of staff redundant and have furloughed a further 1669. Last week, Rob Lewis and Zelf Hussain of PwC were appointed as joint administrators of Laura Ashley Holdings plc and since then they have continued to trade the…
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Mar- 2020 -27 March
Jack Wills permanently closes another 17 stores
British fashion brand Jack Wills – which was rescued out of administration by Frasers Group plc in August 2019 – has announced the immediate closure of a further 17 stores, bringing the total number of store closures announced over the last week to 22. Mike Ashley’s Frasers Group acquired Jack…
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27 March
River Island shuts distribution centre
River Island has announced the temporary closure of its distribution centre in light of the ongoing coronavirus pandemic. The fashion retailer said that the move would help to protect its teams and “make sure they can do the right thing to keep their families and community safe”. The group said…
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26 March
Quiz expects March results ‘materially’ below board expectations
Fashion retailer Quiz has warned that its March revenues and margins are expected to be “materially low” compared with the board’s expectations amid the coronavirus pandemic. Quiz said that prior to the Covid-19 outbreak, its year-to-date performance was set to be in line with expectations. Quiz said since the start…
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26 March
Schuh closes online operations
Schuh has announced that it has taken the steps to close its website as the coronavirus crisis continues to unfold. The shoe retailer said it had taken the step to shut down its online operations as it takes time to “understand the latest government guidelines”. The Scottish-based retailer said that…
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