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- 2018 -2 October
Sports Direct ousts entire House of Fraser management team
Sports Direct has announced it has dismissed the entire management and executive team of House of Fraser following the department store’s collapse and subsequent takeover by Mike Ashley. In a short statement released to the London Stock Exchange, the company said this was due to “calls for an investigation” regarding…
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1 October
Debenhams under more pressure as insurers withdraw cover
Department store Debenhams could be facing more problems as its leading insurance provider Atradius has pulled its cover for the retailer’s suppliers. The news indicates there are fears regarding the department store’s future amid speculation that it could face closures or enter a CVA after appointing KPMG to help advise…
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Sep- 2018 -25 September
Three further House of Fraser stores to shutter due to ‘greedy landlords’
House of Fraser has announced it is to close three further stores in Hull, Edinburgh and Swindon, with new owner Mike Ashley saying he was unable to agree terms with “greedy landlords”. The retailer is currently in consultation with staff at the affected stores, and said its Bath store was…
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21 September
House of Fraser decline leads to French Connection store closures
French Connection has announced it will be shuttering more of its stores following the closure of two under-performing branches in the last six months. The fashion retailer blamed the decline of House of Fraser and poor high street footfall on the fresh closures, and lost £15m in the six months…
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17 September
Sports Direct denies Mike Ashley will block Debenhams’ Magasin du Nord sale
Sports Direct has denied the claims which emerged over the weekend that Mike Ashley will attempt to block a sale of Debenhams’ Magasin du Nord business. Reports had suggested the Sports Direct boss could block Debenhams attempt to raise cash through the £250m deal, in order to buy the store…
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14 September
John Lewis Oxford Street flagship sees business rates rise 57% in a year
John Lewis’ flagship on Oxford Street, London is expected to see its business rates tax rise from £12.68m to £19.91m up 57% compared with last year’s revaluation. According to real estate advisor, Altus Group, the Oxford Street store alone will pay £41.04m in business rates over the four years of…
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14 September
London department stores smash own windows
London department stores including Harrods, Harvey Nichols and Fortnum & Mason have smashed their own windows to commemorate the centenary of women’s voting rights. The move is the result of a partnership between the British Fashion Council (BFC) and the Mayor of London’s ‘Behind Every Great City’ campaign. The mayoral…
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13 September
Sports Direct rules out Debenhams takeover
Sports Direct has quashed speculation that it could increase its 30% stake in embattled department store Debenhams with a buyout deal. Senior non-executive director Simon Bentley caused confusion when he told reporters that a House of Fraser and Debenhams merger had “been discussed” by the board during its AGM on…
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11 September
Debenhams releases statement amid closure rumours to calm investors
Debenhams has released an official statement in response to rumours it was preparing to shutter stores and enter a CVA following the reported appointment of advisory firm KPMG. The department store said “following recent media speculation” it would issue its preliminary results on 25 October 2018 saying it expected a…
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10 September
CVA and closure rumours loom as Debenhams appoints KPMG
Debenhams has reportedly appointed audit advisors KPMG to explore restructuring plans, prompting rumours of stores closures and a CVA. The Sunday Telegraph reported that the advisory firm had been assigned to draw up a turnaround plan which could result in a number of job cuts. The department store chain recently…
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