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 -10 August
Arcadia terminates contract with Chinese partner Shangpin
Philip Green, owner of the Arcadia retail empire, has scrapped an expansion deal with Chinese franchise partner, Shangpin, that would have seen 80 stores open in the country. A spokesperson for Topshop Topman said the groups “have reached a mutual agreement to an early termination”, and have “enjoyed a successful…
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10 August
Superdrug brings HIV tests to the high street in UK first
HIV tests are available to purchase on the UK high street for the first time as health and beauty retailer Superdrug will now sell the BioSURE tests in its pharmacies. The self-testing kit retails for £33.99 and has been available online since 2015. It was the first legally approved test…
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10 August
Sports Direct saves House of Fraser in £90m eleventh-hour deal
Sports Direct has agreed to acquire House of Fraser for £90m in a deal that came just minutes after the department store chain entered administration. A Sports Direct statement read: “The group has acquired all of the UK stores of House of Fraser, the House of Fraser brand and all…
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10 August
Irish retail family in talks to save Poundworld
Poundworld could be saved in a last minute rescue as an Irish retail family is in talks with its administrators to purchase some of the stores. The Hendersons founded Irish company Poundworld in 1984 and sold it in 2007. The retail chain has no relation to the Poundworld UK. The…
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10 August
House of Fraser site offline as administration threatens 17,500 jobs
House of Fraser has appointed administrators after talks with investors and creditors were “not concluded in a solvent solution”. The department store currently employs 17,500 people across its 59 stores of which 31 have already been earmarked for closure. Despite the administration all House of Fraser stores are expected to…
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9 August
House of Fraser sets new deadline to secure funds
House of Fraser has set itself a new deadline to secure funding to avoid collapse. In a statement to the Luxembourg Stock Exchange, the company said that it would require an investment no later than 20 August. Earlier reports said the department store would make a final decision on its…
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9 August
ScS growth edges up in ‘encouraging’ results
ScS has announced it is trading “in line with its expectations for the year” despite concerns it may have been hit by the decline in retail footfall. The furniture retailer saw an overall order growth of 1.3% in the 52 weeks up to 28 July, along with a like-for-like order…
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9 August
Pandora CEO steps down following profit warning
Pandora has announced Anders Colding Friis is stepping down as president and CEO of the company effective 31 August 2018. The company saw its shares slump nearly a quarter on Tuesday 7 August when it announced it was reducing its sales and profit growth forecast, and after a follow-up announcement…
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9 August
Aldi announces ‘carbon neutral by 2019’ aim
Aldi UK and Ireland has unveiled plans to become carbon neutral by 2019 following investment in a long-term carbon management programme. The supermarket, which has more than 775 stores and 11 distribution centres across the UK and Ireland, has reduced its carbon footprint in recent years, including by installing 388…
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9 August
House of Fraser fate could be decided today
A decision could be made on the future of House of Fraser today as its creditors assess takeover bids made by Sports Direct’s Mike Ashley, retail tycoon Philip Day, and retail turnaround fund Alteri Investors. According to Sky News, PwC spent Wednesday (8 August) afternoon negotiating on the 169-year-old’s department…
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