Department Stores
The latest news, updates and analysis on the department stores 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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Oct- 2019 -4 October
John Lewis plans to cut service charge payments to landlords
John Lewis is seeking service charge discounts from some of its landlords to help reduce costs during the upcoming golden quarter. According to the BBC, the department store chain has been telling landlords in certain areas it has decided to reduce its payment for non-rent items, such as heating, cleaning…
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Sep- 2019 -12 September
John Lewis warns of no-deal Brexit amid £26m loss
John Lewis Partnership has reported a loss of £25.9m for the first half of the year, warning that a no-deal Brexit may lead to “significant” impact it may not be able to mitigate. For the half-year period ending 27 July 2019, the department store chain revealed that revenues slipped by…
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Jun- 2019 -12 June
Sports Direct challenges Debenhams CVA
Department store Debenhams has confirmed Sports Direct is among the parties which have sent applications to challenge its CVA which was voted through by creditors on 9 May. Debenhams went under the control of its lenders when it entered a pre-pack administration in April. Debenhams Group Holdings Limited, its subsidiaries…
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May- 2019 -22 May
M&S sales and profits fall as turnaround continues
Marks and Spencer has reported a fall in both sales and profits, with the latter down nearly 10%, as it continues its turnaround plan. The embattled retailer revealed in the year ending 31 March pre-tax profits before one off items were £523.2m, down from £580.9m the previous year. Marks and…
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20 May
M&S speeds up store closures
Marks and Spencer has announced it is to speed up its store closure plans by two years, as it looks to close 100 stores by 2020. The announcement comes as chairman Archie Norman and chief executive Steve Rowe prepare to unveil another slump in annual profits on Wednesday, according to…
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13 May
Debenhams CVA could cost local authorities £8.5m in business rates
Colliers International has estimated that Debenhams’ CVA could affect up to 59 local authorities, who could lose out on £8.5m of the £17.3m rates bills the department store retailer should have been paying on properties. As part of its CVA proposals, Debenhams had categorised its properties into five groupings and…
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13 May
Mike Ashley plans to invest millions to revamp House of Fraser
Mike Ashely has revealed he plans to pledge hundreds of millions of pounds into relaunching House of Fraser in return for a three-year rent holiday. According to The Sunday Times, Ashley plans to open 31 upmarket stores rebranded to “Frasers” over the next five years – with five of these…
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7 May
Debenhams to ask for 50% cut in business rates bills
Embattled department store Debenhams has reportedly planning to ask 30 local authorities to accept a 50% reduction in its business rates bill, as part of its proposed CVA. According to the Sunday Times, the department store’s creditors are set to vote on the proposal on Thursday (9 May). Small landlords…
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Apr- 2019 -26 April
Debenhams to close 22 stores with 1,200 jobs at risk
Department store chain, Debenhams has announced it is to close 22 stores putting 1,200 jobs at risk. The closures come as part of a revival plan for the department store laid out by lenders including Barclays and Bank of Ireland. Terry Duddy, Debenhams executive chairman, said: “Debenhams has a clear…
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18 April
Debenhams CEO exits
Sergio Bucher, CEO of department store Debenhams, has stepped down from his role just a week after the company went into administration and under the control of its lenders. His departure is expected to allow new leadership to conduct the restructure and turnaround of the business. Debenhams entered a pre-pack…
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