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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Jun- 2019 -11 June
Ted Baker shares plunge amid fresh profit warning
Fashion retailer Ted Baker has issued its second profit warning this year, and anticipates underlying profit before tax for the year ending 25 January 2020 to be in the range of £50m to £60m. Shares plummeted by nearly 25% in early trading today (11 June), and the retailer said “ongoing”…
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10 June
Games Workshop announces bonuses of £5m as profits hit at least £80m
Games Workshop has announced its staff are to receive bonuses totaling £5m, as it expects full-year profit before tax to be no less than £80m. The manufacturer and retailer of fantasy miniatures said it has seen sales growth across all sales channels. It expects group sales for the year to…
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10 June
Footfall ‘plummets’ in May
Footfall declined by 3.5% in May, compared with the same point last year when it declined by 0.4%, according to the latest BRC-Springboard Footfall and Vacancies Monitor. On a three-month basis, footfall decreased by 0.7%. The six and 12-month averages are at -1.3% and -1.4% respectively. High Street footfall declined…
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10 June
Waterstones’ owner acquires Barnes and Noble in £538m deal
Elliott Management, owner of book retailer Waterstones, has announced the acquisition of US book retailer Barnes and Noble for $683m (£538m). James Daunt, CEO of Waterstones, will take the role of CEO of Barnes and Noble following the completion of the transaction and will be based in New York. Barnes…
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7 June
Arcadia amends CVA agreement to appease landlords
Retail company Arcadia has amended the rental reductions for the seven company voluntary agreement (CVA), which are needed for the company to restructure. The original CVAs requested between 35-70% rental reductions in 194 of Arcadia’s 556 locations in the UK and Ireland. However, after failing to reach agreements with certain…
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6 June
Arcadia delays creditors’ meeting
Retail company Arcadia has delayed its planned creditors meetings to vote on the company voluntary arrangement (CVA) with the revised meeting to take place on 12 June. The CVA is said to be vital to Arcadia’s restructuring and approval would allow the company to shut at least 23 stores in…
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6 June
‘Huge’ spike in retail job vacancies, says CV-library
The amount of jobs on offer in the retail sector jumped by 56.9% in May. That’s according to the latest job market data from job board CV-Library, which compared findings from May 2019, with the same period last year. According to the firm, “major” retail players such as M&S and…
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5 June
Mike Ashley makes £51.9m offer for Game after increasing stake
Mike Ashley’s Sports Direct has made a £51.9m offer for the gaming retailer Game Digital after it increasing its stake from 20% to 38.5%. Sports Direct acquired the shares from Marlborough UK Micro-Cap Growth Fund passing the 30% threshold requiring Ashley to make an offer for the shares he does…
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5 June
Philip Green reaches agreement with pensions regulator
Arcadia owner Philip Green has reached an agreement with The Pensions Regulator in order to aid the restructure of the company. The company has agreed to provide security for the schemes to the value of £210m which includes an additional £25m agreed with regulator. Green’s wife and Arcadia shareholder Christina…
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5 June
Card Factory sees Q1 sales rise 6%
Card Factory has reported a 6.4% rise in total group sales during the first quarter of the year thanks to what it has called a “positive start to the year” despite “challenging consumer sentiment and negative footfall on the high street”. During the first quarter ending 30 April 2019 Card…
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