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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Sep- 2018 -5 September
Quiz to take £400,000 hit from House of Fraser collapse
House of Fraser is expected to receive a £400,000 cash injection from fashion retailer Quiz. Ahead of its AGM the retailer, which has concessions in the department store, said it would provide the money in relation to “outstanding debtor balances and other potential costs”. Quiz will provide a trading update…
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4 September
John Lewis and Waitrose add ‘& Partners’ to business name in branding shakeup
John Lewis and Waitrose have added ‘& Partners’ to the group’s business names, formally recognising the 83,000 partners who work for the John Lewis Partnership for the first time in the company’s history. According to the groups the change has been designed to highlight its partnership business model and culture…
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3 September
Boden reports strong sales increase of 13%
Lifestyle retailer Boden has reported a 13% rise in sales for the year ending December 2017 due to an increase in overseas customers. This increase in sales accounted for £347.1m growth.The company also saw its pre-tax profit rise to £27.3m from £26.2m; an increase of 4%. Boden attributed its strong…
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Aug- 2018 -28 August
House of Fraser property plans revealed
An announcement is expected to be made later this week concerning the closure of more House of Fraser stores. “Greedy landlords” have been blamed for the impending closures which may result in the loss of hundreds of jobs as “time is running out”. Landlords are reportedly hesitant to agree to…
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21 August
House of Fraser Oxford Street store saved but 627 warehouse jobs still at risk
House of Fraser’s flagship Oxford Street store has been saved from closure by its new owners. The store was due to close in January under the House of Fraser CVA that was announced in June 2018 before the company entered administration. However Mike Ashley’s company Sports Direct agreed to acquire…
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20 August
House of Fraser woes push Mulberry into £3m loss
Designer fashion brand Mulberry has issued a profit warning following the financial woes of House of Fraser. With the company, saying it expects to absorb costs of £3m due to the chain’s restructuring, the company’s shares dropped by 30% following the announcement. Mulberry operates 21 House of Fraser concessions, employing…
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17 August
Debenhams to axe 90 jobs
Debenhams has announced it is to cut 90 jobs as part of a restructuring plan to focus the business on key areas. The department store is also currently in redundancy talks with 200 head office workers as part of the last stage of its cost cutting plan. In a statement…
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16 August
Philip Day eyeing House of Fraser stores
Philip Day, the owner of Edinburgh Woollen Mill is reportedly in talks with landlord groups regarding a takeover of several House of Fraser stores. Day is talking to 10 to 15 landlords with a view to running them as Days Department Stores according to Drapers. Rents and leases on House of…
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14 August
Mike Ashley plans to keep 80% of House of Fraser stores open
Sports Direct owner Mike Ashley has vowed to keep 80% of House of Fraser’s stores open, after he saved the department store chain from administration in a £90m buyout last week (Friday 10 August). When the department store entered a CVA in June, it planned to shut 31 of its…
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10 August
Sports Direct saves House of Fraser in £90m eleventh-hour deal
Sports Direct has agreed to acquire House of Fraser for £90m in a deal that came just minutes after the department store chain entered administration. A Sports Direct statement read: “The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all…
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