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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Oct- 2019 -28 October
Forever 21 to shutter all UK stores next year
Fashion retailer Forever 21 has confirmed it will close its three UK stores in London, Liverpool and Birmingham next year. It comes after the parent company in the US filed for Chapter 11 bankruptcy, and Damian Webb and Allan Kelly of RSM Restructuring Advisory LLP were appointed as joint administrators…
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24 October
Sports Direct appoints RSM UK as new auditor
Sports Direct has announced the appointment of RSM UK Group as its new auditor with immediate effect. It ends a six-week hunt for a new auditor, after Grant Thornton announced it was stepping down from the position on 13 August 2019. At the time, the firm said “following a review…
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23 October
UK retailers store profit margins halved since 2011, study finds
A new report by global professional services firm Alvarez and Marsal, in partnership with Retail Economics, has shown that store-based profit margins for the top 150 UK retailers have more than halved in less than a decade, dropping from 8.8% in 2009/10 to 4.1% in 2017/18. “Ballooning” operation costs have…
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22 October
Wilko strikes called off after staff accept ‘improved’ work rota
Strike action by GMB members at Wilko have been called off after staff accepted a new deal offered by the company. Around 1,800 GMB members at two Wilko distribution centres – in Magor, Wales and Worksop, Nottinghamshire – were due to walk out on 21 and 22 October over “forced”…
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21 October
Bonmarché enters administration putting 2,900 jobs at risk
Womenswear retailer Bonmarché has entered administration, resulting in around 2,900 jobs being placed at risk including 200 at its head office. With 318 branches located around the UK, Bonmarché appointed FRP Advisory as administrators who said the brand had a “sustained period of challenging trading conditions.” Alastair Massey, Tony Wright…
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17 October
WH Smith to acquire US travel retailer in £312m deal
WH Smith has agreed a deal to acquire US-based travel retailer Marshall Retail Group (MRG) in a £312m deal. WH Smith said that the acquisition of MRG represents a “rare and compelling opportunity to accelerate its expansion in the large and fast growing US travel retail market”. The transaction is…
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16 October
Jessops owner preparing to call in administrators
Dragon’s Den star Peter Jones, owner of camera retailer Jessops, is planning to call in administrators in an attempt to save the embattled chain. According to Sky News, JR Prop Limited which manages the retailers leasehold estate, is looking to appoint restructuring advisory firm, Resolve, as the administrator. Sky News…
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14 October
Retail footfall slumps 10% over last seven years
Retail footfall has dropped by 10% in the last seven years, according to the latest footfall figures from the BRC and Springboard. It comes amid another month of declining footfall, as the number of shoppers visiting high streets stores dropped by 1.7% in September, compared with the same point last…
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10 October
Dunelm sales jump 6.4% in first quarter results
Homeware retailer Dunelm has reported a 6.4% increase in total like-for-like sales for the 13-week period ended 28 September 2019, with “good growth” across its total retail system. Total revenue increased to 7.5% during the period, boosted by a string of new store openings. Additionally, the retailer said the beginning…
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9 October
Links of London enters administration placing 350 jobs at risk
British jewellery brand Links of London has entered administration, placing around 350 jobs at risk. Matt Smith and Dan Smith, restructuring partners at Deloitte, have been appointed as joint administrators to the company. The brand is owned by the Greek Folli Follie Group, with headquarters in London, and sells luxury…
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