News
The latest news, updates and analysis on the the UK retail industry. Covering every segment of the market, Retail Sector’s business journalists keep you in the picture.
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Aug- 2018 -21 August
Online retail spending stutters after England World Cup exit
UK online retail sales slipped to their lowest year-on-year (YoY) growth in 2018 so in July, as consumer spending “slumped” in the weeks following the end of World Cup. According to the latest IMRG Capgemini e-Retail Sales Index, online sales increased by just 10% (YoY) in July, below the three,…
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21 August
House of Fraser Oxford Street store saved but 627 warehouse jobs still at risk
House of Fraser’s flagship Oxford Street store has been saved from closure by its new owners. The store was due to close in January under the House of Fraser CVA that was announced in June 2018 before the company entered administration. However Mike Ashley’s company Sports Direct agreed to acquire…
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21 August
FRC fines KPMG £2.1m for ‘breach of ethical standards’ in Ted Baker audit
The Financial Reporting Council (FRC) has issued a £2.1m fine and “severely reprimanded” KPMG and its partner Michael Francis Barradell, after they admitted to “misconduct” in relation to audits of Ted Baker and No Ordinary Designer Label. Barradell also received a reprimand and a fine of £80,000 which was reduced…
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21 August
Office Outlet announces CVA proposal
Stationery retailer Office Outlet has announced a company voluntary arrangement (CVA) proposal to restructure its UK store estate as part of its ongoing turnaround strategy. The retail chain formerly known as Staples has spent the last two years performing an operational restructuring which it said has “significantly improved” its store…
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20 August
Amazon ‘aggressive bidders’ for empty Homebase stores
Retail giant Amazon is looking to purchase empty Homebase stores from new owner Hilco in order to help increase its delivery capabilities. According to the Telegraph the online retailer is seeking to purchase the stores due to a shortage of warehouse stock in the UK, forcing retailers to look for…
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20 August
Office Outlet to ask for three-year rent-free period in CVA
Stationery retail chain Office Outlet is expected to make a Company Voluntary Agreement (CVA) announcement today (Monday 18 August) in which it may seek a three-year rent-free period for its stores. The Sunday Times reported that Deloitte would be handling the company’s impending CVA and 20 of its stores may…
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20 August
300 stores ‘could shut’ amid Sainsbury’s Asda merger
The result of the Sainsbury’s Asda merger could see up to 300 stores be forced to close if the merger was to go ahead according to new research. Analysis by The Times, which used modelling techniques used by the Competition and Markets Authority (CMA) and found that up to 300…
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20 August
House of Fraser woes push Mulberry into £3m loss
Designer fashion brand Mulberry has issued a profit warning following the financial woes of House of Fraser. With the company, saying it expects to absorb costs of £3m due to the chain’s restructuring, the company’s shares dropped by 30% following the announcement. Mulberry operates 21 House of Fraser concessions, employing…
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17 August
Debenhams to axe 90 jobs
Debenhams has announced it is to cut 90 jobs as part of a restructuring plan to focus the business on key areas. The department store is also currently in redundancy talks with 200 head office workers as part of the last stage of its cost cutting plan. In a statement…
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17 August
Asda reports fifth consecutive quarter of sales growth
Asda has reported its fifth consecutive quarter of sales growth after it posted a 0.4% increase in like-for-like sales. The results represent the first time that the supermarket has outperformed the market since 2014. Removing the impact of Easter, like-for-like sales in the quarter grew by 2.6%. The increase in…
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