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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Jul- 2018 -16 July
Debenhams denies cash problems as insurers withdraw cover
Debenhams has disputed claims that it is facing a cash problem amid reports that its credit insurers have reduced cover for its suppliers. According to a report by The Sunday Times, insurers Euler Hermes, Coface and Atradius have all reduced cover for new supplier contracts. Suppliers typically use credit insurance…
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16 July
Former Easyjet director joins John Lewis Partnership board
The John Lewis Partnership has appointed Andy Martin as its new non-executive director and as chair of the group’s audit and risk committee. He succeeds Sarah Hogg, whose term of office ended on 30 June 2018, and will work alongside Keith Williams, deputy chairman of the board, and board member…
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11 July
M&S warns of further store closures and job cuts
M&S bosses have warned of further store closures and job cuts in meetings at the company’s AGM, which took place yesterday (11 June). The department store chain’s chairman, Archie Norman, told shareholders: “I can’t tell you it won’t be the last”, when speaking about the recent closures at the department…
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2 July
Philip Green’s company fails to block BHS audit report
The parent company of Philip Green’s Arcadia retail empire, Taveta Investments, has failed to impose an injunction on the publication of BHS’ audit reports. It was seeking an interim injunction before a judicial review of the report, but the High Court ruled in favour of the Financial Reporting Council (FRC)…
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Jun- 2018 -27 June
John Lewis profits could be ‘close to zero’
John Lewis has issued another profit warning and admitted that it expects profits before exceptional items to be “substantially lower” than last year, or even “close to zero”. The retailer also outlined the next phase of its strategy, saying it would focus on “differentiation not scale”, maintaining a higher level…
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25 June
Debenhams partners with local food companies
Department story chain Debenhams has partnered with independent local food companies to offer a variety of food options to customers. The new initiative, which has been tested in the company’s central Manchester, Trafford and Oxford Street stores, has led Debenhams with an 11% uplift in food sales after concessions of…
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22 June
House of Fraser CVA approved by creditors, 31 stores to close
House of Fraser has announced that its Company Voluntary Arrangement (CVA) proposals have been approved by the company’s creditors in a final agreement that will see 31 stores close. The creditors’ meetings were held at 10am today and the company with both CVA proposals were approved. House of Fraser said…
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22 June
House of Fraser focuses on ‘brand renewal’ ahead of CVA decision
House of Fraser is to renew its product and trade strategy as part of a transformation journey as its shareholders prepare to vote on its company voluntary agreement (CVA). The plan will focus on “ensuring House of Fraser becomes a destination for customers to shop their favourite brands while providing…
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20 June
House of Fraser lenders agree to extend loans
House of Fraser has agreed an extension for its loans ahead of this Friday’s vote on a possible CVA that could see 31 stores close. According to the Press Association, the lender has conditionally agreed to a £125m loan as well as a £100m revolving credit facility providing the planned…
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19 June
Debenhams issues profit warning
Debenhams has issued a warning saying it now expects pre-profits to be “in the range of £35m-£40m” significantly lower than City forecasts of £50m. The company blamed poor conditions on the high street and said that it doesn’t expect improvement anytime soon. The warning is Debenhams third of the year…
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