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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Sep- 2019 -2 September
Debenhams engages Deloitte for legal challenge against CVA
Debenhams has engaged ‘Big Four’ accounting and audit firm Deloitte in preparation to fight a legal challenge to its restructuring plan. In May, the retailer secured the backing from creditors to go ahead with a company voluntary arrangement (CVA), which earmarked 50 sites for closure and approved rent reductions at…
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2 September
Retail business rates could rise by £169m over the next 12 months
Retailers could see a £169m increase in business rates next year, prompting renewed calls for the government to overhaul the system. Calculations by real estate advisors Altus Group found gross business rates bills (including non-retail) for the financial year 2020/21 would increase by £662.15m in England, if the headline rate…
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2 September
Philip Green reportedly preparing to break up Arcadia
Arcadia boss Philip Green is preparing to break up the retail group prepare for a potential sale of the brands, according to a report from The Sunday Times. The reports states that Green has begun “laying the groundwork to split and sell parts” of the company over a “period of…
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Aug- 2019 -29 August
M&S at risk of falling out of FTSE 100
Marks and Spencer could fall out of the FTSE 100 unless it is able to increase its share prices by next Wednesday (4 September), according to a report by The Telegraph. It comes after Marks and Spencer reported a fall in both sales and profits in May, with the latter…
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29 August
Retailers urged to do more to prevent sales of knives to under 18s
Trading Standards is urging retailers to do more to prevent the sale of knives to children, after 15% of its test saw under 18s sold knives last year. Of 2231 tests, carried out in England and Wales between 1 April 2018 and 31 March 2019, retailers failed to prevent the…
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29 August
Forever 21 reportedly contemplates filing for bankruptcy
American fast fashion retail chain Forever 21 is reportedly preparing for a potential bankruptcy filing, after restructuring and debt restructure talks stalled. The retailer wants to secure a potential debtor-in-possession loan to take the company into Chapter 11 bankruptcy, according to Bloomberg. A source told the publication, a bankruptcy filing…
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28 August
£1bn ‘Future High Streets Fund’ expanded to 50 more areas
Prime Minister Boris Johnson has announced that an additional 50 towns will benefit from the £1bn Future High Streets Fund. Towns across England – from Dudley to Dover and Scarborough to Stockport – will join 50 successful areas already shortlisted to develop plans to reinvent their high streets. According to…
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28 August
Shop prices down amid ‘weak consumer spending’ and ‘stiff competition’
August Shop Prices fell by 0.4% compared to a 0.1% decrease in July attributed to “weak consumer spending” and “stiff competition, according to latest BRC-Nielsen Shop Price Index. This is below the 12 and six-month average price increases, both of 0.3%, and is the fastest rate of decline since June…
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28 August
US landlords drop legal challenge against Arcadia
The two US landlords involved in the legal challenge against Arcadia’s company voluntary agreements (CVAs) have dropped their case, following “significant and constructive” dialogue. Arcadia received the challenge US property firms Vornado and Caruso in July, following the approval of seven CVAs in June. The CVAs will see all 11…
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27 August
Clarks seeking rent reductions of up to 30%
Shoe retailer Clarks has revealed it seeking rent reductions of up to 30% following a period of “poor trading”, according to a report by The Sunday Times. The report said the retailer asked landlords to extend leases on certain stores in return for reduced rent costs. A source also told…
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