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 -9 October
Hays Travel to acquire entire Thomas Cook UK retail estate
Independent travel agent chain Hays Travel is to acquire Thomas Cook’s entire UK retail estate, in a move that could save up to 2,500 jobs. The travel agent will acquire a total of 555 stores around the UK, providing re-employment opportunities for a “significant” number of former employees of Thomas…
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8 October
Fears over Pizza Express restaurants as debt talks emerge
Pizza Express has reportedly hired advisors to help its debt situation, sparking fears that it could be the next chain to collapse. According to Pizza Express’ latest annual report, the 470-store pizza chain restaurant finished last year with a £1.12bn debt after a pre-tax loss of £55m. The pizza chain’s…
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7 October
Ex-BHS owner Dominic Chappell denies tax fraud
The former owner of BHS Dominic Chappell has denied he avoided paying £500,000 in tax. Chapell pleaded not guilty to three charges of tax evasion at Southwark Crown Court. The charges allege that he failed to register his former finance company Swiss Rock for taxes from the correct date, gave…
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3 October
Ted Baker profits nosedive 194% in half-year results
Shares at men’s fashion retailer Ted Baker plunged by as much as 35% in early trading today (3 October) after it reported a 193.9% fall in half-year profits, marking a loss of £23m. The decrease in profits for the 28 week period ending 10 August 2019 was largely due to…
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2 October
Shop prices fall by 0.6%, fastest rate since May 2018
Shop prices in September have fallen at the fastest since May 2018, according to the latest figures from the BRC-Nielsen Shop Price Index. The index found September shop prices fell by 0.6% compared with a 0.4% decrease in August. This is the highest rate of decline since May 2018. Non-Food…
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1 October
John Lewis announces wave of senior job cuts
The John Lewis Partnership has announced a wave of senior job cuts as part of a new plan that will see both John Lewis and Waitrose managed and operated as a single business. It is anticipated that there will be a reduction of around 75 senior management head office roles…
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1 October
FRC to investigate Thomas Cook auditor following collapse
The Financial Reporting Council (FRC) has announced it will be investigating Thomas Cook’s auditor EY, following its collapse last week which left 21,000 staff out of work and as many as 15,000 British tourists stranded abroad. The investigation will look into the audit by EY of the financial statements of…
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1 October
JD Sports responds to CMA amid Footasylum probe extension
JD Sports has said it “strongly disagrees” with the Competition and Market Authority (CMA) that its proposed £90m takeover of Footasylum would be “bad for customers”, as it now faces a full-scale investigation into the deal. Following the CMA’s Phase 1 decision of 19 September 2019, JD said it has…
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Sep- 2019 -30 September
Former Clarks CEO launches legal battle over misconduct claims
The former CEO of shoe retailer Clarks has launched a legal battle against the company, after he was ousted last year following “conduct, conversations and expressions fell short” of company expectations. According to the Sunday Times, Mike Shearwood claims he was ousted on “trumped-up charges” of racist and sexists comments,…
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27 September
British Land drops Monsoon CVA challenge
British Land has dropped its legal challenge against Monsoon Accessorize’s CVA plans. According to Sky News, The property investment firm, which owns Sheffield’s Meadowhall, has agreed to abandon its bid to to block Monsoon’s restructuring plans. The news now allows Monsoon to cut rents by between 25% and 65% across…
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