News-In-Brief

Today’s news in brief-13/12/24

Hundreds of Harrods workers, including retail, restaurant, and cleaning staff, are set to strike on 21–22 December and Boxing Day in a dispute over Christmas bonuses and working conditions. The United Voices of the World (UVW) union said 95% of its members voted to strike after management refused negotiations. Workers…

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Today’s news in brief-12/12/24

Central Group’s executive chair Tos Chirathivat admitted to overpaying in hindsight for Selfridges and other European luxury department stores as part of a £4bn deal in 2021. Chirathivat told the FT the price felt steep given rising global interest rates but noted the valuation may look more reasonable in a…

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Today’s news in brief-10/12/24

Supermarket sales are set to surpass £13bn in December for the first time, boosted by festive spending and rising grocery prices. Data from Kantar reveals take-home grocery sales climbed 2.5% in the four weeks to 1 December. The average Christmas dinner for four has risen 6.5% to £32.57, largely due…

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Today’s news in brief-5/12/24

Police are investigating stalking and corporate espionage allegations from Boohoo executives, including CEO Dan Finley and co-founder Mahmud Kamani. Reports suggest the executives have been followed and watched in Manchester, London, and Kent, with Kamani allegedly assaulted and ex-CEO John Lyttle encountering trespassers. Surveillance equipment found outside Boohoo’s Manchester office…

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Today’s news in brief-4/12/24

Evri has partnered with the GMB Union to secure an industry-first pay deal that guarantees self-employed couriers insurance-backed paid sick leave. Supported by over 80% of voters, the agreement also includes festive support payments of up to £950 and subsidized insurance for death, disability, accidents, and sickness. This builds on…

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Today’s news in brief-3/12/24

Boohoo has repaid £50m of its £97m term loan following a £39.3m oversubscribed fundraising effort. The move aligns with its turnaround strategy after half-year losses tripled to £27.4m and revenue dropped 15% to £619.8m. CEO Dan Finley called Boohoo “significantly undervalued” as major shareholders, including the Kamani family, boosted their…

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Today’s news in brief-28/11/24

Consumer confidence remains subdued as the festive season nears, according to the British Retail Consortium (BRC). While personal retail spending rose slightly to +3 in November from +2 in October, and overall spending expectations stayed at +17, worries about the broader economy persist. Financial expectations improved marginally to -3, but…

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Today’s news in brief-27/11/24

The House of Lords Built Environment Committee has urged high streets to evolve beyond retail to reverse their decline. Its report highlights over 10,000 store closures in 2023, emphasizing that the traditional dominance of retail is outdated. Instead, demand is shifting towards leisure, dining, and public services such as health…

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Today’s news in brief-26/11/24

AO World has raised its full-year profit forecast to between £39m-£44m after reporting a 30% rise in pre-tax profits to £17m for the six months ending 30 September. Despite adverse summer trading conditions due to wet weather, which affected cooling product sales, AO’s B2C retail revenue grew 13%. Group revenue…

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Today’s news in brief-25/11/24

Asda has announced the return of Allan Leighton as executive chair, succeeding Stuart Rose. Leighton, who served as CEO of Asda from 1996 to 2001, brings extensive leadership experience, including roles at The Co-op and Loblaw Companies. Rose will remain on the board temporarily to ensure a smooth transition. Under…

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