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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Jul- 2019 -2 July
Office appoints advisers amid CVA rumours
Footwear retailer Office has appointed advisers as it considers a potential restructuring of the business. According to Sky News, Office has appointed advisory firm Alvarez & Marsal (A&M) to help plan for a possible Company Voluntary Agreement (CVA) that could see the closure of around 100 UK stores. However sources…
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2 July
Bonmarché managers sell stakes to Philip Day
Bonmarché CEO Helen Connolly, CFO Stephen Alldridge and non-executive director Ishbel Macpherson have sold their shares in the company to Spectre Holdings – an entity owned by Philip Day – despite telling shareholders to not accept his takeover bid in May. Yesterday (Monday 1 July), Connolly sold 42,542 shares to…
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1 July
Poor trading leaves Jack Wills facing ‘cash crunch’
Fashion retailer Jack Wills is reportedly facing a “cash crunch” after a period of poor trading this spring. According to The Times, Jack Wills is rapidly going through the £28m of cash injections arranged by its equity firm owner BlueGem, with sources saying trading has “fell off a cliff”. BlueGem,…
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Jun- 2019 -28 June
Philip Day closes Bonmarché offer
Edinburgh Wooden Mill owner Philip Day has set a deadline on his £5.7m offer for Bonmarché after officially closing his offer following poor trading at the business. Day’s firm Spectre Holdings said it is closing its offer to buy the remaining shares at 11.45p, because the future of the business…
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26 June
Bonmarche asks shareholders to accept Philip Day offer
The board of embattled womenswear retailer Bonmarché has reversed its opposition to Edinburgh Woollen Mill owner Philip Day’s £5.7m offer for the company and has asked shareholders to accept the offer. In an update to shareholders the board explained its change of stance citing “poor” trading during the first quarter…
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25 June
New Look reports £522m loss amid cost saving efforts
Fashion retailer New Look has reported a statutory loss before tax of £522.2m in its full year results for the 53 Weeks to 30 March 2019. This was compared to the previous year’s loss of £190.2m, however the company said this was “principally driven” by £423.3m goodwill and brand impairment…
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21 June
Monsoon CVA offers landlords £10m profit share for reduced rents
Monsoon Accessorize has made a CVA proposal to its landlords for reduced rents at more than half of its store portfolio in return for a £10m share in profits and an £18m interest free loan. With no store closures planned across its 258 outlets, the company is asking for rent…
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18 June
Boohoo launches first recycled collection
Online clothing retailer Boohoo has launched its first dedicated recycled fashion range. Made using recycled polyester, the fabric is created from plastic that has been directed away from landfill and repurposed to produce new yarn. Boohoo said the aim of the collection “was to not to compromise on style”, and…
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18 June
Gov rejects MPs’ sustainable fashion recommendations
The government has rejected all the recommendations made by the Environmental Audit Committee (ECA) in February with the aim to “end the era of throwaway fashion”. The MPs published its report called Fixing Fashion Report: Clothing Consumption and Sustainability following the end of its sustainability of the fashion industry inquiry.…
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17 June
US landlords file legal challenge against Arcadia CVA
A group of US landlords have filed a legal challenge against Philip Green’s Arcadia in light of the company voluntary agreements (CVAs) that were agreed last week, which will see its US subsidiary enter administration. According to The Sunday Times the group of property investment companies, led by Vornado, accuse…
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