Coronavirus
Coronavirus covers the ongoing impact of the Covid-19 pandemic on the UK retail industry. This section explores how retailers have adapted to shifts in consumer behaviour, operational disruption, and regulatory change. Retail Sector’s Coronavirus coverage includes news, analysis, and commentary on supply chain challenges, workforce management, financial recovery, and digital transformation, providing retail professionals with insight into how the sector continues to rebuild and evolve in the wake of the pandemic.
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Apr- 2020 -17 April
Chancellor extends coronavirus loan scheme to bigger firms
The Coronavirus Large Business Interruption Loan Scheme has been extended to include businesses with turnover greater than £500m. The £330bn package now allows all firms with a turnover of greater than £45m to apply for loans of up to £25m. Initially, businesses with a turnover of more than £500m were…
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17 April
Covid-19: EWM introduces pandemic clauses into Bonmarché leases
Edinburgh Woolen Mill (EWM) is reportedly introducing pandemic clauses into any new Bonmarché leases it is due to sign with landlords, after its owner Phillip Day bought the firm out of administration last year. According to Retail Week, the new clauses mean EWM can agree on new Bonmarché store leases…
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17 April
TM Lewin seeks interested buyers
TM Lewin is reportedly in talks with potential buyers in light of the ongoing effects of the global pandemic. According to Sky News, the London-based retailer is now up for sale just days after Oasis and Warehouse collapsed into administration. Bain Capital, the private equity group that has backed TM…
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16 April
Government extends lockdown for ‘at least’ three more weeks
The government has announced an extension to the coronavirus lockdown for “at least” a further three weeks. The decision was announced at today’s (16 April) press briefing which was led by foreign secretary Dominic Raab. It also comes after Raab led an emergency Cobra committee and cabinet meetings about the…
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16 April
Chancellor extends furlough scheme deadline
Chancellor Rishi Sunak has extended the deadline for the Coronavirus Job Retention Scheme after it was found that many people who had recently changed jobs were set to miss out. Under the scheme announced last month, employers can claim a grant covering 80% of the wages for a furloughed employee,…
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16 April
Zalando adds initiatives to support fashion brands despite Q1 loss
Zalando has revealed a series of new initiatives to help support its fashion brands during the current coronavirus pandemic, despite it expecting to post a first quarter loss. In a trading update for the first three months of the year, the company said it expects an adjusted EBIT in a…
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16 April
Retail sales decline at ‘worst rate on record’
Retail sales suffered the “worst decline recorded” in March, with a year-on-year total sales decline of 4.3%. The findings come from the latest BRC-KPMG Retail Sales Monitor, which said this is the lowest recorded rate since the monitor first began in January 1995. Its data showed that sales “contrasted sharply”…
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15 April
Oasis and Warehouse collapse into administration
Fashion retailers Oasis and Warehouse have entered administration, putting over 2,000 jobs at risk. Rob Harding and Richard Hawes, restructuring partners at ‘Big Four’ accountancy firm Deloitte, have been appointed as joint administrators to Oasis and Warehouse Limited, Oasis Fashions Limited, Warehouse Fashions Limited, The Idle Man Limited and Bastyan…
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15 April
HMRC adds new guidance on Coronavirus Job Retention Scheme
HMRC has issued new guidance regarding the Coronavirus Job Retention scheme and clarifies eligibility for those returning from sick leave and TUPE staff. Issued at the end of last week the third update to the scheme has provided clarification on all aspects of sick leave including those returning from maternity…
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15 April
Covid-19 could cause UK economy to shrink by 35%, says OBR
The UK’s economy could shrink by as much as 35% in the second quarter of 2020 due to the Covid-19 pandemic, the Office for Budget Responsibility (OBR) has said. The watchdog is also predicting a 13% drop in annual GDP as a result of the outbreak, which it said would…
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