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- 2023 -4 September
HMV owner secures creditor backing for Wilko rescue deal
Administrators to Wilko have reportedly secured the backing of creditors for a rescue deal led by HMV owner Doug Putman in a move that could save around 8,000 jobs. According to The Sunday Times, PwC is understood to have secured support from the Pension Protection Fund as well as other…
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Aug- 2023 -31 August
Wilko redundancies to begin as rescue talks collapse
Hundreds of redundancies are set to begin at Wilko after last-minute rescue talks with potential buyers fell through, its administrator has confirmed. In a statement released today (31 August), PwC confirmed that 269 support centre employees will now be made redundant, effective from close of business on Monday (4 September),…
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31 August
Former Debenhams staff win legal battle against retailer
More than 400 former Debenhams staff who lost their jobs after the company went into administration have won a legal battle against the business after a tribunal judge ruled that the retailer had failed in its duty to consult with its staff. As a result, lawyers representing the workers said…
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30 August
Bank holiday boosts footfall by 10.5% on Sunday
Footfall on Sunday (27 August) was +10.5% higher than the week before, rising in all three destination types; by +9% in high streets, by +9.8% in retail parks and by +14.2% in shopping centres thanks to bank holiday Monday. According to the latest data from MRI Springboard, whilst footfall rose…
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30 August
Wilko bidder criticises PwC over bidding process
Restructuring specialist M2 Capital has reportedly criticised the administrators of Wilko after submitting a last-minute offer to rescue the retailer. According to The Financial Times, M2 wrote to PwC chair Bob Moritz earlier this week to criticise the bidding process and question whether it was “fair and transparent” after submitting…
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30 August
The Works revenues up 5.8% in FY23 despite ‘challenging’ backdrop
The Works’ revenues increased by 5.8% to £280.1m for the year ended 30 April 2023, up from £264.6m in FY22, and as such, the retailer said it is well-positioned to capitalise on opportunities from its strategy in the coming year. The value retailer of arts and crafts, stationery, toys, and…
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29 August
Natura and Co considers Body Shop sale
Natura and Co is considering potentially selling The Body Shop as a result of its poor post-pandemic performance. The company confirmed in an SEC filing that it was exploring “strategic alternatives” for the business. JP Morgan analysts believe that a sale is the most likely outcome, with the business being…
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29 August
Clintons to shut 38 stores as part of restructuring plan
Clintons is reportedly set to close 38 stores in a bid to stave off its collapse for at least 12 months after a restructuring plan was approved by an insolvency court. According to the Evening Standard, the plan allows the retailer to escape full payment of business rates and rent…
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25 August
HMV owner makes last-ditch bid for Wilko
Canadian businessman Doug Putman has reportedly made a last-ditch attempt to rescue parts of Wilko in a move that could save up to 4,000 jobs, The Times has reported. According to The Times, Putman, who purchased HMV in 2019, has held talks with Wilko’s management team and administrators from PwC…
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24 August
Majority of Wilko stores to close ‘within weeks’
The majority of remaining Wilko stores are set to shutter “within weeks” and redundancies are expected to begin after the embattled retailer failed to secure a buyer, the GMB Union has warned. The union said it was recently informed by administrators that there was “no longer any prospect that the…
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