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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May- 2018 -10 May
House of Fraser £43.9m loss revealed in new document
A document released by House of Fraser’s new owner C.Banner has revealed that the department store suffered a £43.9m loss in 2017. The slump was attributed to Brexit, London’s terrorist attacks and the ‘rapidly evolving’ retail market. The document was submitted to the Hong Kong Stock Exchange, where C.Banner announced…
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9 May
The Rolling Stones to launch Selfridges pop-up
Iconic UK rock band The Rolling Stones have announced they will launch a pop-up shopping experience in Selfridges stores across the UK. The store will be open from 14 May to 3 June and will sell new merchandise as the band’s No Filter tour reaches Britain on 22 May. The…
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8 May
Sports Direct launches legal action against House of Fraser over CVA disclosures
Mike Ashley, owner of Sports Direct, filed a petition against House of Fraser on Friday (5 May) following the department store’s decision to close some of its outlets. Sports Direct holds an 11.1% stake in House of Fraser and Ashley claimed the company was “frozen out” and “repeatedly denied information…
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2 May
House of Fraser CVA prompts closures amid 51% sale
House of Fraser has confirmed the sale of a 51% stake in its group, which may lead to the closure of some of its stores. Chinese retailer C.Banner has acquired the existing shares from current owner Nanjing Xinjiekou, giving it majority control. Nanjing will retain its minority stake. The value…
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Apr- 2018 -24 April
Debenhams partners with Western Union to offer global money transfers
Debenhams has signed a partnership with Western Union to offer global money transfers through its existing travel money desks. Western Union already has a presence in Ryman, John Lewis and Sainsbury’s, and Debenhams will introduce the service at 112 of its stores. The news comes as the department store reported…
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19 April
Store closure fears loom as House of Fraser appoints advisors
House of Fraser has appointed KPMG to advise the company on a restructuring plan, raising speculation that a number of stores may be about to close. The consultancy specialists are expected to look at all of the department store’s options including a Company Voluntary Agreement. The appointment is understood to…
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17 April
450 jobs at risk as Marks and Spencer close Hardwick facility
Marks and Spencer’s Hardwick distribution centre is set to close in September as part of a plan to transform the company’s logistic networks. The department store chain believes that a smaller network of large distribution will be faster and more cost effective. The contractors, DHL and XPO Logistics provide the…
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13 April
Sanpower to introduce Chinese brands to Europe through House of Fraser
Sanpower Group has announced a new supply chain programme to introduce premium Chinese brands to the UK, Europe and rest of the world through House of Fraser. Launched at the first Sanpower Global Supplier Conference in Nanjing, China on 10 April, the global supply chain management platform aims to spur…
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3 April
House of Fraser gets additional £15m cash injection
House of Fraser has received a further £15m investment from its Chinese owner Sanpower Group after it suffered a drop in sales over the Christmas period. The company lost £9m last year and saw its sales fall by 2.9% during the festive period. Sanpower, chaired by billionaire Yuan Yafei, put…
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Mar- 2018 -26 March
House of Fraser holds emergency refinancing talks
Department store group House of Fraser has held refinancing talks with Alteri Investors as fears grow over its financial condition. According to The Sunday Times, House of Fraser executives met with Alteri, an investor firm that specialises in turnarounds for struggling retailers, with the aim of securing around £40m of…
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