High Street
The latest news, updates and analysis on the the British High Street and 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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Jan- 2021 -29 January
Card Factory to receive one month covenant breaches waiver
Card Factory has been issued a one month extension to covenant breaches by banks until 28 February 2021. Earlier this month, the firm warned it was going to breach its banking covenants by the end of January, although it had access to £200m of debt facilities. The group stated it…
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28 January
January brings -50% sales slump
Retailers in January witnessed the weakest sales month since May 2020, with sales down -50% from the previous month. According to the Confederation of British Industry (CBI), the decline follows what has been a “broadly stable” sales period in December, as Covid restrictions briefly eased. In January it was also…
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28 January
Retail venture snaps up Knomo
Inc Retail Group, a newly formed arm of the Manchester-based digital brand company Inc and Co, has acquired the bags and accessories retailer Knomo. The transaction represents Inc’s debut into the retail sector, and marks the beginning of a three-year “growth and development plan”. The expansion plans will be led…
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28 January
ScS reports sales rise in half-year results
ScS has reported a sharp rise in sales in its half-year results due to benefitting from an impressive order intake during the summer, as well as a strong first quarter trading. The sofa retailer posted a gross sales increase of 13.9% to £182.3m in the 26 weeks to 23 January.…
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27 January
Arcadia collapsed owing creditors £750m
Philip Green’s retail empire, Arcadia, reportedly fell into administration while owing its creditors £750m. The debts, first reported by the Telegraph, largely comprised Topshop’s gross liabilities of over £550m, with Outfit also owing £80m. The figure, which is believed to exclude the group’s unsecured debt to HMRC surrounding its retirement…
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27 January
Paperchase rescued in pre-pack Permira deal
The majority of Paperchase stores are reportedly set to be rescued in a pre-pack deal that is poised to save around 1,000 jobs. According to Sky News, the rescue deal will be led by private equity giant Permira, with a deal expected to be agreed later today (27 January). Permira,…
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25 January
Five retailers who excelled during the Christmas season
Asos Asos has gone from strength to strength in the past few years with this year being no different. Over the peak festive season it saw its sales increase by 23% to £1.32bn from £1.074bn the previous year, which the group claimed was due to support by investors who…
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25 January
Waterstones boss warns of closures unless gov extends rates relief
James Daunt, the boss of book retailer Waterstones, has warned that he could be forced to close stores unless the government extends its business rates relief and other forms of state aid. Talking to Retail Week, he said that while he has no intention to close stores currently – it…
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25 January
Retail sector set for 200,000 job losses
The UK’s retail sector has been forecasted to see 200,000 job losses in 2021, as Covid-19 continues to cause deep challenges to the industry, according to a study conducted by the Centre for Retail Research (CRR). The research group has predicted an 18% rise in retail closures this year, resulting…
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22 January
The Works reports revenue decline of 7.8%
The Works has reported a revenue decline of 7.8% to £88.9m in the 26 weeks to 25 October. The stationery and book retailer posted a pre-tax loss of £4.3m over the period, which was down from a loss of £8.5m in the same period the previous year. Trading was impacted…
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